Nitesh Sagarmal Jain, representing M/s Bhairav Metals, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of their claim by the Resolution Professional (RP) of Prithvi Ferro Alloys Private Limited (Corporate Debtor undergoing CIRP). The applicant contended that the public announcement of the CIRP was published in Kolkata newspapers, while their office is in Mumbai, leading to a delay in filing the claim. The RP rejected the claim as it was submitted beyond the 90-day period from the CIRP commencement date, as per Regulation 12(2) of the CIRP regulations.
Mr. Nitesh Sagarmal Jain, representing M/s Bhairav Metals, filed a claim with the Resolution Professional (RP) of Prithvi Ferro Alloys Private Limited, a Corporate Debtor undergoing CIRP. The claim was rejected by the RP because it was filed beyond the 90-day period from the CIRP commencement date, as stipulated by Regulation 12(2) of the CIRP regulations. The applicant argued that they were unaware of the CIRP initiation because the public announcement was published in Kolkata newspapers, while their office is located in Mumbai. The applicant had placed a purchase order with the Corporate Debtor on 19th October 2016, made an advance payment of Rs. 10 Lakhs, but the goods were not supplied, nor was the advance repaid. The CIRP commencement date is implied to be around
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The applicant, M/s Bhairav Metals, placed a…
The applicant made an advance payment of Rs. 10…
Nitesh Sagarmal Jain, representing M/s Bhairav Metals, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of their claim by the Resolution Professional (RP) of Prithvi Ferro Alloys Private Limited (Corporate Debtor undergoing CIRP). The applicant contended that the public announcement of the CIRP was published in Kolkata newspapers, while their office is in Mumbai, leading to a delay in filing the claim. The RP rejected the claim as it was submitted beyond the 90-day period from the CIRP commencement date, as per Regulation 12(2) of the CIRP regulations.
Mr. Nitesh Sagarmal Jain, representing M/s Bhairav Metals, filed a claim with the Resolution Professional (RP) of Prithvi Ferro Alloys Private Limited, a Corporate Debtor undergoing CIRP. The claim was rejected by the RP because it was filed beyond the 90-day period from the CIRP commencement date, as stipulated by Regulation 12(2) of the CIRP regulations. The applicant argued that they were unaware of the CIRP initiation because the public announcement was published in Kolkata newspapers, while their office is located in Mumbai. The applicant had placed a purchase order with the Corporate Debtor on 19th October 2016, made an advance payment of Rs. 10 Lakhs, but the goods were not supplied, nor was the advance repaid. The CIRP commencement date is implied to be around
…The applicant, M/s Bhairav Metals, placed a…
The applicant made an advance payment of Rs. 10…