The appeal was filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Appellant, Mr. Zubin Bharucha, who was aggrieved by the order dated 06.05.2021 of the Adjudicating Authority (National Company Law Tribunal, Court No. V, Mumbai Bench). The Adjudicating Authority admitted a Section 7 application filed by the Respondents No. 1 and 2, Reliance AIF Management Company Ltd. and Reliance Nippon Life Asset Management Limited, before NCLT, Mumbai, initiating the Corporate Insolvency Resolution Process (CIRP) against Bharucha & Motivala Infrastructure Private Limited. The case revolves around a corporate guarantee given by Bharucha & Motivala Infrastructure Private Limited (B & M Infra) as a Co-Obligor in respect of a residential
…Mr. Zubin Bharucha, the former director of Bharucha & Motivala Infrastructure Pvt. Ltd. (B & M Infra), filed an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The application was filed by Reliance AIF Management Company Ltd. and Reliance Nippon Life Asset Management Limited (Debenture Holders) before the NCLT, Mumbai, which initiated Corporate Insolvency Resolution Process (CIRP) against B & M Infra. B & M Infra had provided a corporate guarantee as a co-obligor for a residential project called 'The Cove' developed by Lake District Realty Private Limited (LDRPL). LDRPL issued Non-Convertible Debentures (NCDs) to raise funds, which were subscribed by the Debenture Holders. A Debenture Trust Deed
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The appeal was filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Appellant, Mr. Zubin Bharucha, who was aggrieved by the order dated 06.05.2021 of the Adjudicating Authority (National Company Law Tribunal, Court No. V, Mumbai Bench). The Adjudicating Authority admitted a Section 7 application filed by the Respondents No. 1 and 2, Reliance AIF Management Company Ltd. and Reliance Nippon Life Asset Management Limited, before NCLT, Mumbai, initiating the Corporate Insolvency Resolution Process (CIRP) against Bharucha & Motivala Infrastructure Private Limited. The case revolves around a corporate guarantee given by Bharucha & Motivala Infrastructure Private Limited (B & M Infra) as a Co-Obligor in respect of a residential
…Mr. Zubin Bharucha, the former director of Bharucha & Motivala Infrastructure Pvt. Ltd. (B & M Infra), filed an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The application was filed by Reliance AIF Management Company Ltd. and Reliance Nippon Life Asset Management Limited (Debenture Holders) before the NCLT, Mumbai, which initiated Corporate Insolvency Resolution Process (CIRP) against B & M Infra. B & M Infra had provided a corporate guarantee as a co-obligor for a residential project called 'The Cove' developed by Lake District Realty Private Limited (LDRPL). LDRPL issued Non-Convertible Debentures (NCDs) to raise funds, which were subscribed by the Debenture Holders. A Debenture Trust Deed
…Debenture Tru…
Notification issued by the Government of…