Top bidder for property seeks NCLT order to direct Srei administrator on title transfer

A Nagpur-based company, which emerged as the highest bidder for a property in Mumbai in an auction conducted by Srei Infrastructure Finance ahead of insolvency proceedings against it, on Monday sought “appropriate orders” from the Kolkata bench of the National Company Law Tribunal (NCLT) to direct the Reserve Bank of India-appointed administrator to complete formalities to transfer the title of the property in its favour.

Zqube Infracon was declared the highest bidder for the commercial property in Powai, Mumbai — which had been mortgaged to Srei Infrastructure Finance (SIFL) — after an e-auction on August 11. SIFL had engaged iQuippo as the auctioneer to sell the property, whose owner is Supreme Infrastructure India.