The case involves an application (I.A. No. 93 of 2020) filed by M/s. Rajesh Exports Limited (the Applicant/Financial Creditor) in a corporate insolvency resolution process (CIRP) against M/s. Innovative Studios Private Limited (the Corporate Debtor). 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)/Liquidator classified the Applicant's claim as unsecured and admitted only a portion of it, leading to the current application seeking directions to accept the full claim as secured.
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 11.04.2019 and appointed Mr. BaladyShekar Shetty as the IRP. M/s. Rajesh Exports Limited, a public limited company, claimed to be a financial creditor of the Corporate Debtor, having extended inter-corporate deposits (ICDs). The Applicant submitted a claim of Rs. 51,12,08,556/- as of 11.04.2019, with 24% interest. The Applicant's claim was based on ICD agreements and registered mortgage deeds executed in 2009. The RP/Liquidator classified the Applicant's claim as unsecured and admitted a smaller amount. The RP/Liquidator requested additional documents to substantiate the claim,
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Initial Company Petition bearing C.P. (IB)…
The Adjudicating…
The case involves an application (I.A. No. 93 of 2020) filed by M/s. Rajesh Exports Limited (the Applicant/Financial Creditor) in a corporate insolvency resolution process (CIRP) against M/s. Innovative Studios Private Limited (the Corporate Debtor). 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)/Liquidator classified the Applicant's claim as unsecured and admitted only a portion of it, leading to the current application seeking directions to accept the full claim as secured.
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 11.04.2019 and appointed Mr. BaladyShekar Shetty as the IRP. M/s. Rajesh Exports Limited, a public limited company, claimed to be a financial creditor of the Corporate Debtor, having extended inter-corporate deposits (ICDs). The Applicant submitted a claim of Rs. 51,12,08,556/- as of 11.04.2019, with 24% interest. The Applicant's claim was based on ICD agreements and registered mortgage deeds executed in 2009. The RP/Liquidator classified the Applicant's claim as unsecured and admitted a smaller amount. The RP/Liquidator requested additional documents to substantiate the claim,
…Initial Company Petition bearing C.P. (IB)…
The Adjudicating…