The appeal challenges the Adjudicating Authority's decision to admit Section 7 proceedings against the appellant, RR Info Park Private Limited, based on a claim by JM Financial Asset Reconstruction Company Limited. The appellant argues that the claim is time-barred, as the date of default was 21.05.2013, and the proceedings were initiated in 2019. The respondent contends that the appellant acknowledged the debt in balance sheets and through a One Time Settlement (OTS) proposal, extending the limitation period.
RR Info Park Private Limited (the Corporate Debtor), through its Suspended Director Ravi Raman, challenged an order dated 12.12.2023, which admitted Section 7 proceedings against it. The initial default occurred on 21.05.2013, based on a Recovery Certificate issued by the DRT. The Corporate Debtor availed financial facilities from a consortium of banks amounting to Rs. 270 Crores. Oriental Bank of Commerce, one of the lenders, assigned its debt to JM Financial Asset Reconstruction Company Limited (Respondent No. 2). The Corporate Debtor proposed a One Time Settlement (OTS) on 30.01.2019, which was rejected on 06.02.2019. Respondent No. 2 filed a Section 7 application on 27.06.2019. A settlement was reached, and the Section 7 application was withdrawn on 22.12.2020,
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Respondent No. 1 created a Security Interest in…
The Assignor along with the Consortium of Banks…
The appeal challenges the Adjudicating Authority's decision to admit Section 7 proceedings against the appellant, RR Info Park Private Limited, based on a claim by JM Financial Asset Reconstruction Company Limited. The appellant argues that the claim is time-barred, as the date of default was 21.05.2013, and the proceedings were initiated in 2019. The respondent contends that the appellant acknowledged the debt in balance sheets and through a One Time Settlement (OTS) proposal, extending the limitation period.
RR Info Park Private Limited (the Corporate Debtor), through its Suspended Director Ravi Raman, challenged an order dated 12.12.2023, which admitted Section 7 proceedings against it. The initial default occurred on 21.05.2013, based on a Recovery Certificate issued by the DRT. The Corporate Debtor availed financial facilities from a consortium of banks amounting to Rs. 270 Crores. Oriental Bank of Commerce, one of the lenders, assigned its debt to JM Financial Asset Reconstruction Company Limited (Respondent No. 2). The Corporate Debtor proposed a One Time Settlement (OTS) on 30.01.2019, which was rejected on 06.02.2019. Respondent No. 2 filed a Section 7 application on 27.06.2019. A settlement was reached, and the Section 7 application was withdrawn on 22.12.2020,
…Respondent No. 1 created a Security Interest in…
The Assignor along with the Consortium of Banks…