The case involves two writ petitions (WPL No.21271 of 2021 and WPL No.21272 of 2021) challenging identical orders passed by the Debts Recovery Tribunal-1, Mumbai. The orders were issued in Application IBC No.2 of 2021 and Application IBC No.3 of 2021, respectively, both filed by Omkara Assets Reconstruction Private Limited. The applications sought to initiate insolvency resolution processes against the petitioner, Surendra B. Jiwrajka, based on personal guarantees. The petitioner objected to the maintainability of the applications, arguing that the debt had been assigned to J.M. Finance and that a resolution professional should not be appointed before the maintainability issue is decided. The Tribunal rejected these objections and appointed a resolution professional,
…Surendra B. Jiwrajka is the petitioner in two writ petitions challenging identical orders passed by the Debts Recovery Tribunal-1, Mumbai. Omkara Assets Reconstruction Private Limited filed applications (IBC No.2 of 2021 and IBC No.3 of 2021) before the Tribunal to initiate insolvency resolution process against Surendra B. Jiwrajka, based on personal guarantees. Jiwrajka opposed the applications, arguing that the debt had been assigned to J.M. Finance and that the Tribunal should first decide on the maintainability of the application before appointing a resolution professional. The Tribunal rejected Jiwrajka's objections and appointed a resolution professional. The New India Co-operative Bank Limited had sanctioned the term loan to the borrower and assigned all its
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The Debts Recovery Tribunal-1, Mumbai, passed…
Date of the oral order…
The case involves two writ petitions (WPL No.21271 of 2021 and WPL No.21272 of 2021) challenging identical orders passed by the Debts Recovery Tribunal-1, Mumbai. The orders were issued in Application IBC No.2 of 2021 and Application IBC No.3 of 2021, respectively, both filed by Omkara Assets Reconstruction Private Limited. The applications sought to initiate insolvency resolution processes against the petitioner, Surendra B. Jiwrajka, based on personal guarantees. The petitioner objected to the maintainability of the applications, arguing that the debt had been assigned to J.M. Finance and that a resolution professional should not be appointed before the maintainability issue is decided. The Tribunal rejected these objections and appointed a resolution professional,
…Surendra B. Jiwrajka is the petitioner in two writ petitions challenging identical orders passed by the Debts Recovery Tribunal-1, Mumbai. Omkara Assets Reconstruction Private Limited filed applications (IBC No.2 of 2021 and IBC No.3 of 2021) before the Tribunal to initiate insolvency resolution process against Surendra B. Jiwrajka, based on personal guarantees. Jiwrajka opposed the applications, arguing that the debt had been assigned to J.M. Finance and that the Tribunal should first decide on the maintainability of the application before appointing a resolution professional. The Tribunal rejected Jiwrajka's objections and appointed a resolution professional. The New India Co-operative Bank Limited had sanctioned the term loan to the borrower and assigned all its
…The Debts Recovery Tribunal-1, Mumbai, passed…
Date of the oral order…