Land for Auction in Medchal-Malkajgiri – IBC Liquidation

Assignment of Not Readily Realisable Assets (“NRRA”) under the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Regulation 37A of IBBI (Liquidation Process) Regulations, 2016 of "All that the Open Land in Survey. No 60/part, admeasuring 3630 Sq. Yards or equivalent to 3035.14 Sq. mtrs, Situated at JEEDIMETLA VILLAGE, Quthubullapur, Mandal and GHMC Circle, Medchal- Malkajgiri District, Hyderabad, Telangana.". (1. The Corporate Debtor acquired the above asset on 19th February 2011. During the Liquidation Process, Endowments Department had filed objections before the Liquidator stating that the above asset is an endowed asset and is prohibited under section 22A of the Registration Act. The matter is pending before the Hon’ble Telangana Endowment Tribunal. (2. As per the decision of the Revenue Department Office, the land belongs to Hanuman Temple and a status Quo Order passed by the Hon’ble Telangana Endowment Tribunal vide order dated 17th March 2022 is in operation and the matter is pending before the endowments Tribunal. However, the possession is with the Liquidator. The intending bidders are advised to verify and examine the position before submitting their bids. (3. The asset is also subject to pending proceedings before National Company Law Appellate Tribunal arising from the order of the Hon’ble NCLT, Hyderabad Bench setting aside the previous assignment of the asset during the tenure of the earlier Liquidator.). Location: JEEDIMETLA VILLAGE, Quthubullapur, Mandal and GHMC Circle, Medchal-Malkajgiri District, Hyderabad, Telangana