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ARTICLE · 07 MAY 2024

Restructuring & Insolvency Monthly Update | April 2024

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This Appeal was preferred by the Appellant against an Order dated June 02, 2023 passed by the National Company Law Tribunal, Chandigarh Bench...

IndiaInsolvency/Bankruptcy/Re-Structuring
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RECENT JUDGMENTS

Ramesh Singh Rawat v. SPG Global Distribution Pvt Ltd

NCLAT, New Delhi | Judgment dated February 27, 2024 | Comp App (AT) (INS) No. 872 of 2023

Background facts

  • This Appeal was preferred by the Appellant against an Order dated June 02, 2023 passed by the National Company Law Tribunal, Chandigarh Bench (NCLT) in I.A. No. 937 of 2020 in C.P. (IB) No. 254/CHD/HRY/2019 directing the Appellant to hand over the possession of the subject property, (claimed by the Resolution Professional as the property of the Corporate Debtor) to the Liquidator within a period of 15 days.
  • It was the case of the Appellant that by virtue of an Agreement to Sell dated March 31, 2018 (Agreement to Sell) read with certain extension agreements, the subject property was transferred to the Appellant for a total consideration of INR 75 lakh. However, the Resolution Professional contested that the Agreement to Sell never culminated into execution of a sale deed and the

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