The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by the Appellant, Mr. Rohit Suri, against the order dated 17.05.2024 passed by the National Company Law Tribunal, Jaipur Bench. The appeal contests the initiation of Corporate Insolvency Resolution Process (CIRP) against Ruby Buildestates Limited, the Corporate Debtor. The primary contention revolves around the issue of limitation, with the Appellant arguing that the company petition filed by Rajasthan Financial Corporation (Respondent No. 1) was time-barred.
Rajasthan Financial Corporation (RFC) sanctioned a loan of ₹3.50 Crores to Ruby Buildestates Limited in July 2009, disbursing ₹2.40 Crores on 17.07.2009. The loan was repayable in 19 Equal Quarterly Instalments (EQIs). RFC issued a demand notice on 13.01.2010 under Section 30 of the State Financial Corporation Act, 1951, and took physical possession of the mortgaged property on 23.02.2010 under Section 29 of the same Act. An auction notice was issued on 16.06.2010, which was challenged by homebuyers in the Rajasthan High Court, resulting in a stay order on 26.05.2010. The Corporate Debtor submitted multiple settlement proposals between 2011 and 2018, none of which materialized. RFC filed a Company Petition on 12.08.2021, which the Appellant claims was barred by
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Rajasthan Financial Corporation sanctioned a…
Rajasthan Financial…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by the Appellant, Mr. Rohit Suri, against the order dated 17.05.2024 passed by the National Company Law Tribunal, Jaipur Bench. The appeal contests the initiation of Corporate Insolvency Resolution Process (CIRP) against Ruby Buildestates Limited, the Corporate Debtor. The primary contention revolves around the issue of limitation, with the Appellant arguing that the company petition filed by Rajasthan Financial Corporation (Respondent No. 1) was time-barred.
Rajasthan Financial Corporation (RFC) sanctioned a loan of ₹3.50 Crores to Ruby Buildestates Limited in July 2009, disbursing ₹2.40 Crores on 17.07.2009. The loan was repayable in 19 Equal Quarterly Instalments (EQIs). RFC issued a demand notice on 13.01.2010 under Section 30 of the State Financial Corporation Act, 1951, and took physical possession of the mortgaged property on 23.02.2010 under Section 29 of the same Act. An auction notice was issued on 16.06.2010, which was challenged by homebuyers in the Rajasthan High Court, resulting in a stay order on 26.05.2010. The Corporate Debtor submitted multiple settlement proposals between 2011 and 2018, none of which materialized. RFC filed a Company Petition on 12.08.2021, which the Appellant claims was barred by
…Rajasthan Financial Corporation sanctioned a…
Rajasthan Financial…