The Resolution Professional filed two interlocutory applications seeking to declare a rent agreement between the Corporate Debtor and T-RMC Private Limited as void and to reverse its effect, alleging it was an undervalued transaction intended to defraud creditors. The RP also sought eviction of T-RMC from the Corporate Debtor's land and recovery of benefits received by T-RMC.
The underlying company petition, CP (IB) No. 438/KB/2018, was filed by Vijaya Bank against Castal Extrusion Private Limited (Corporate Debtor) under section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on March 18, 2020, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Niraj Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) at the first Committee of Creditors (CoC) meeting on August 18, 2020, which concluded on August 19, 2020.
…The principal borrower TCL's account with…
A purported unstamped and unregistered Rent…
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The Resolution Professional filed two interlocutory applications seeking to declare a rent agreement between the Corporate Debtor and T-RMC Private Limited as void and to reverse its effect, alleging it was an undervalued transaction intended to defraud creditors. The RP also sought eviction of T-RMC from the Corporate Debtor's land and recovery of benefits received by T-RMC.
The underlying company petition, CP (IB) No. 438/KB/2018, was filed by Vijaya Bank against Castal Extrusion Private Limited (Corporate Debtor) under section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on March 18, 2020, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Niraj Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) at the first Committee of Creditors (CoC) meeting on August 18, 2020, which concluded on August 19, 2020.
…The principal borrower TCL's account with…
A purported unstamped and unregistered Rent…
Sign in to view related legal provisions.