The case involves an application (I.A. No. 93 of 2020) filed by M/s. Rajesh Exports Limited, a financial creditor, in an ongoing corporate insolvency resolution process (CIRP) against M/s. Innovative Studios Private Limited. The CIRP was initiated by M/s. Karnataka State Financial Corporation under Section 7 of the IBC, 2016. The applicant sought consideration of its claim of Rs. 51,12,08,556/- as of 11.04.2019, along with interest at 24%. The Resolution Professional (RP), later the Liquidator, admitted only a portion of the claim, leading to the application for the tribunal to direct acceptance of the full claim.
M/s. Karnataka State Financial Corporation initiated CIRP against M/s. Innovative Studios Private Limited under Section 7 of the IBC, 2016. The Adjudicating Authority admitted the petition on 2019-04-11 and appointed Mr. BaladyShekar Shetty as the IRP. Subsequently, liquidation was ordered on 2020-01-06, and the RP became the Liquidator. M/s. Rajesh Exports Limited, a financial creditor, claimed Rs. 51,12,08,556/- as of 2019-04-11, based on inter-corporate deposits (ICDs) extended to Innovative Studios, secured by mortgage deeds. The Liquidator admitted only Rs. 9,74,45,125/-, considering an interest rate of 14% and classifying the debt as unsecured, citing the Karnataka Prohibition of Charging Exorbitant Interest Act, 2004, and the Karnataka Money Lenders Act, 1961.
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The case involves an application (I.A. No. 93 of 2020) filed by M/s. Rajesh Exports Limited, a financial creditor, in an ongoing corporate insolvency resolution process (CIRP) against M/s. Innovative Studios Private Limited. The CIRP was initiated by M/s. Karnataka State Financial Corporation under Section 7 of the IBC, 2016. The applicant sought consideration of its claim of Rs. 51,12,08,556/- as of 11.04.2019, along with interest at 24%. The Resolution Professional (RP), later the Liquidator, admitted only a portion of the claim, leading to the application for the tribunal to direct acceptance of the full claim.
M/s. Karnataka State Financial Corporation initiated CIRP against M/s. Innovative Studios Private Limited under Section 7 of the IBC, 2016. The Adjudicating Authority admitted the petition on 2019-04-11 and appointed Mr. BaladyShekar Shetty as the IRP. Subsequently, liquidation was ordered on 2020-01-06, and the RP became the Liquidator. M/s. Rajesh Exports Limited, a financial creditor, claimed Rs. 51,12,08,556/- as of 2019-04-11, based on inter-corporate deposits (ICDs) extended to Innovative Studios, secured by mortgage deeds. The Liquidator admitted only Rs. 9,74,45,125/-, considering an interest rate of 14% and classifying the debt as unsecured, citing the Karnataka Prohibition of Charging Exorbitant Interest Act, 2004, and the Karnataka Money Lenders Act, 1961.
…Case number assigned to…
M/s. Rajesh Exports Limited extended ICDs to…