The High Court has annulled the appointment of joint administrators placed in charge of Infinity Industrial Park by Bank of Baroda, with the ruling effectively bringing the insolvency proceedings to an end and restoring control and property of the company.
The decision follows a dispute in which Infinity Industrial Park challenged the actions taken by the bank after an earlier judgment had been delivered in favour of the company.
Insolvancy Case Terminated File Closed
The court’s latest decision terminates the insolvency proceedings, with the appointment of the joint administrators set aside.
Infinity Industrial Park is now free to pursue damages arising from the actions that led to the appointment of the administrators, while the company’s property and control are to be restored.
The ruling also addresses allegations that the bank proceeded with the administration despite an existing court order.
Judgement Delivered In Favour Of Infinity Industrial Park, Bank Of Baroda Moved Forward With Sinister Motive By Overlooking Court Order Appointed Administrators Which Is Contempt Of Court Order And Is A Criminal Offence
According to Infinity Industrial Park, Bank of Baroda proceeded with the appointment of administrators despite the judgment that had been issued in the company’s favour.
The company argued that the bank’s actions amounted to a misuse of its powers and disregard of the court’s orders.
The High Court has now nullified the appointment of the joint administrators and ordered the restoration of Infinity Industrial Park’s property and control.
The decision leaves the company with the option of pursuing damages over the actions taken against it.
Court Annuls, Terminated Appointment Of Joint Administrators Appointed By Bank Of Baroda, Ordered Restoration Of Company Property And Control And Leaves Infinity Free To Pursue Damages
The effect of the ruling is that the administrators appointed by Bank of Baroda can no longer exercise control over Infinity Industrial Park under the impugned appointment.
The company’s property and management control are to revert to Infinity, while any claim for damages will have to be pursued separately by the company.
The ruling marks the latest development in the prolonged dispute between Infinity Industrial Park and Bank of Baroda.
Auction Looms As 14 Day Notice Expires On October 1
Meanwhile, an auction could be triggered if Bank of Baroda fails to comply with a 14 day notice issued to it by Infinity Industrial Park.
The notice is set to expire on October 1, 2026, after which Infinity could take further steps against the bank over the amount it says is owed.
The development comes as the High Court’s decision removes the administrators appointed by the bank and restores the company’s control over its affairs.
