The main appeal was preferred by the Appellant, Ranvir Ranjit, Director and Shareholder of Rayala Corporation Pvt. Ltd. (Corporate Debtor), against the order dated 12th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, admitting the application of the 1st to 7th Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was listed on 29th October, 2018, where the Appellate Tribunal considered the contentions of the Appellant and directed that the Resolution Professional ensure the company remains a going concern and take assistance from the suspended Board of Directors. The person authorized to sign bank cheques may issue cheques only after authorization of the Resolution Professional.
…Ranvir Ranjit, Director and Shareholder of Rayala Corporation Pvt. Ltd. (Corporate Debtor), appealed against the Adjudicating Authority's order admitting the application of the Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed credit facilities from LIC Housing Finance Limited (LICHFL) against rental income. The Appellant sought modification of the interim order to allow payments related to these credit facilities. The Corporate Debtor has availed certain credit facilities from 'LIC Housing Finance Limited” (“LICHFL” for short). The said loans have been availed against rental income of the ‘Corporate Debtor', as detailed in the document. The monthly instalment with regard to the abovementioned loan accounts are
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The Adjudicating Authority (National Company Law…
The Appeal was listed on 29th October, 2018,…
The main appeal was preferred by the Appellant, Ranvir Ranjit, Director and Shareholder of Rayala Corporation Pvt. Ltd. (Corporate Debtor), against the order dated 12th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, admitting the application of the 1st to 7th Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was listed on 29th October, 2018, where the Appellate Tribunal considered the contentions of the Appellant and directed that the Resolution Professional ensure the company remains a going concern and take assistance from the suspended Board of Directors. The person authorized to sign bank cheques may issue cheques only after authorization of the Resolution Professional.
…Ranvir Ranjit, Director and Shareholder of Rayala Corporation Pvt. Ltd. (Corporate Debtor), appealed against the Adjudicating Authority's order admitting the application of the Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed credit facilities from LIC Housing Finance Limited (LICHFL) against rental income. The Appellant sought modification of the interim order to allow payments related to these credit facilities. The Corporate Debtor has availed certain credit facilities from 'LIC Housing Finance Limited” (“LICHFL” for short). The said loans have been availed against rental income of the ‘Corporate Debtor', as detailed in the document. The monthly instalment with regard to the abovementioned loan accounts are
…The Adjudicating Authority (National Company Law…
The Appeal was listed on 29th October, 2018,…