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, in a company petition. The Rajasthan Financial Corporation (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Ruby Buildestates Limited (Corporate Debtor). The appellant challenged the initiation of CIRP, primarily on the grounds of limitation.
Rajasthan Financial Corporation 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) after a six-month moratorium. A demand notice was issued on 13.01.2010, and physical possession of the mortgaged property was taken on 23.02.2010. The auction notice was challenged in the Rajasthan High Court, resulting in an ex-parte stay order on 26.05.2010. The Corporate Debtor submitted multiple settlement proposals between 2011 and 2017, which did not materialize. Rajasthan Financial Corporation filed a Company Petition on 12.08.2021, which was admitted by the Adjudicating Authority. The key fact is whether the petition was filed within the limitation
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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, in a company petition. The Rajasthan Financial Corporation (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Ruby Buildestates Limited (Corporate Debtor). The appellant challenged the initiation of CIRP, primarily on the grounds of limitation.
Rajasthan Financial Corporation 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) after a six-month moratorium. A demand notice was issued on 13.01.2010, and physical possession of the mortgaged property was taken on 23.02.2010. The auction notice was challenged in the Rajasthan High Court, resulting in an ex-parte stay order on 26.05.2010. The Corporate Debtor submitted multiple settlement proposals between 2011 and 2017, which did not materialize. Rajasthan Financial Corporation filed a Company Petition on 12.08.2021, which was admitted by the Adjudicating Authority. The key fact is whether the petition was filed within the limitation
…Rajasthan Financial Corporation sanctioned a…
Rajasthan Financial…