2019 (11) TMI 1838 - Tri - IBC

Lifting of attachment on properties for liquidation through auction - HELD THAT - Liquidator has informed that there is a Financial Creditor i.e. Bank of Baroda having financial debt of Rs. 14 crores. Since the Liquidation Order has already been passed therefore the properties are to be liquidated and the amount of the liquidated properties are to be disbursed among all Operational Creditors and Financial Creditor as per law prescribed under Insolvency Code. The Liquidator is directed to accord the consent from the Authorities of the Sale Department. It is hereby directed to lift the attachment so that the properties can be liquidated through process of auction as per law and directed to serve this copy to the concerned officer. Application allowed.

Summary

The Tribunal ordered the Sale Tax Department to lift the attachment on properties for liquidation through auction. The Liquidator must obtain consent from the Sale Department authorities. The properties will be liquidated to disburse amounts to creditors. MA No. 3320/2019 allowed and disposed of.