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CIRP Irregular for Ignoring Mortgaged and Owned Properties NCLAT Delhi
Case Law Details
- Case Name
- IFCI Ltd Vs Raju Palanikunnathil Kesavan (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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IFCI Ltd Vs Raju Palanikunnathil Kesavan (NCLAT Delhi)
These appeals were filed under Section 61 of the IBC challenging the NCLT Mumbai order dated 31.03.2023, by which the appellant’s application was rejected and the resolution plan was approved. The appellant had granted financial assistance of Rs. 50 crores to the Corporate Debtor, secured by mortgages over several properties, including Attipra land (a third-party asset) and Poonithura land (owned by the Corporate Debtor). Following default, a Section 7 application was admitted in 2019, and the Committee of Creditors (CoC...
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The recent CIRP Irregular for Ignoring Mortgaged and Owned Properties NCLAT Delhi ruling highlights the importance of transparency and due diligence in insolvency proceedings. Ignoring mortgaged or owned assets can significantly affect the resolution process, potentially harming creditors and stakeholders. Proper documentation and acknowledgment of all assets ensure fairness and maintain the integrity of the Corporate Insolvency Resolution Process.
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