This is a civil appeal filed under Section 62 of the Insolvency and Bankruptcy Code, 2016, challenging the judgment and order of the National Company Law Appellate Tribunal (NCLAT) dated 04.01.2022. The NCLAT had dismissed the Company Appeal (AT) (Insolvency) No.930 of 2021 filed by the appellant. The appeal arises from the admission of a Section 7 IBC petition against Shreem Corporation Limited (SCL), the Corporate Debtor, by the Adjudicating Authority. The appellant, Axis Bank Limited, had a leave and license agreement with Universal Premises and Textiles Private Limited for premises in the building named Solaris “C”. A security deposit was furnished by the appellant. Universal Premises executed a simple mortgage in favor of the appellant and later executed a sale
…Axis Bank Limited (Appellant) entered into a leave and license agreement with Universal Premises and Textiles Private Limited for premises in Solaris “C”, furnishing a security deposit of Rs. 87,56,24,381 between 2007 and 2008. Universal Premises executed a simple mortgage in favor of Axis Bank for seven floors in 2008. In 2011, Universal Premises executed a sale deed in favor of Rajput Retail Ltd. RRL availed credit facilities from State Bank of India (Respondent No.2) and created an equitable mortgage on the land underneath Solaris “C” in 2011. In 2012, Universal Premises merged with RRL and was renamed Shreem Corporation Limited (Corporate Debtor). Between 2012 and 2013, Axis Bank issued notices for the refund of the security deposit and filed eight summary suits
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Appellant furnished…
Universal Premises executed a simple…
This is a civil appeal filed under Section 62 of the Insolvency and Bankruptcy Code, 2016, challenging the judgment and order of the National Company Law Appellate Tribunal (NCLAT) dated 04.01.2022. The NCLAT had dismissed the Company Appeal (AT) (Insolvency) No.930 of 2021 filed by the appellant. The appeal arises from the admission of a Section 7 IBC petition against Shreem Corporation Limited (SCL), the Corporate Debtor, by the Adjudicating Authority. The appellant, Axis Bank Limited, had a leave and license agreement with Universal Premises and Textiles Private Limited for premises in the building named Solaris “C”. A security deposit was furnished by the appellant. Universal Premises executed a simple mortgage in favor of the appellant and later executed a sale
…Axis Bank Limited (Appellant) entered into a leave and license agreement with Universal Premises and Textiles Private Limited for premises in Solaris “C”, furnishing a security deposit of Rs. 87,56,24,381 between 2007 and 2008. Universal Premises executed a simple mortgage in favor of Axis Bank for seven floors in 2008. In 2011, Universal Premises executed a sale deed in favor of Rajput Retail Ltd. RRL availed credit facilities from State Bank of India (Respondent No.2) and created an equitable mortgage on the land underneath Solaris “C” in 2011. In 2012, Universal Premises merged with RRL and was renamed Shreem Corporation Limited (Corporate Debtor). Between 2012 and 2013, Axis Bank issued notices for the refund of the security deposit and filed eight summary suits
…Appellant furnished…
Universal Premises executed a simple…