The appeals were filed by the erstwhile director of the Corporate Debtor challenging the Adjudicating Authority (NCLT), Jaipur's order dated 22.01.2025, which admitted two independent petitions for initiating CIRP under Section 7 of the IBC against the same financial creditor.
Two loans were advanced by M/s Diwan Housing Finance Corporation Ltd (DHFL) to the Corporate Debtor (CD).
The CD defaulted in repaying both the loans, leading DHFL to issue separate notices.
DHFL itself underwent CIRP, and its resolution plan was approved.
Piramal Capital, the SRA of DHFL, assigned the two loans to Omkara Asset Reconstruction Pvt. Ltd.
Prior to the assignment, the CD faced a CIRP proceeding which was later set aside.
Omkara Asset Reconstruction Pvt. Ltd. initiated CIRP proceedings against the CD under Section 7 of the IBC.
The appellant's defense was based on the limitation period, arguing that the petitions were filed after the expiry of the limitation period.
The Adjudicating Authority admitted the petitions, leading to the current appeals.
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A loan of Rs.12.0…
A second loan of Rs.…
The appeals were filed by the erstwhile director of the Corporate Debtor challenging the Adjudicating Authority (NCLT), Jaipur's order dated 22.01.2025, which admitted two independent petitions for initiating CIRP under Section 7 of the IBC against the same financial creditor.
Two loans were advanced by M/s Diwan Housing Finance Corporation Ltd (DHFL) to the Corporate Debtor (CD).
The CD defaulted in repaying both the loans, leading DHFL to issue separate notices.
DHFL itself underwent CIRP, and its resolution plan was approved.
Piramal Capital, the SRA of DHFL, assigned the two loans to Omkara Asset Reconstruction Pvt. Ltd.
Prior to the assignment, the CD faced a CIRP proceeding which was later set aside.
Omkara Asset Reconstruction Pvt. Ltd. initiated CIRP proceedings against the CD under Section 7 of the IBC.
The appellant's defense was based on the limitation period, arguing that the petitions were filed after the expiry of the limitation period.
The Adjudicating Authority admitted the petitions, leading to the current appeals.
A loan of Rs.12.0…
A second loan of Rs.…