This case involves an application filed by Patrimoine Expo Private Limited and Dr. Vikram Patil against Reliance Communication Infrastructure Limited (RCIL) and others, seeking orders related to a Memorandum of Understanding (MOU) for the transfer of leasehold rights and shares in a Special Purpose Vehicle (SPV), Realsoft Cybersystems Private Limited. The applicants claim that RCIL, the corporate debtor, failed to fulfill its obligations under the MOU, specifically the transfer of shares in the SPV, despite the applicants having made a partial payment and being ready to pay the balance consideration. The applicants sought to restrain the Resolution Professional (RP) from including the assets of the SPV in the resolution plan of RCIL and to direct the transfer of equity
…1. Patrimoine Expo Private Limited and Dr. Vikram Patil (Applicants) entered into a Memorandum of Understanding (MOU) dated 03.02.2018 with Reliance Communication Infrastructure Limited (RCIL/Corporate Debtor) for the transfer of leasehold rights in a property and shares in a Special Purpose Vehicle (SPV). 2. RCIL was undergoing Corporate Insolvency Resolution Process (CIRP) and Mr. Anish Nanavaty was appointed as an Interim Resolution Professional (IRP). 3. The MOU stipulated that RCIL would create an SPV for the transfer of leasehold rights, and RCIL identified Realsoft Cybersystems Private Limited (Respondent No. 3) as the SPV. 4. The Applicants paid Rs. 5.50 Crores as the first installment out of Rs. 51.50 Crores as per the MOU. 5. The Applicants claim they
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Memorandum of Understanding (MOU) executed…
Applicant Company made payment of Rs 5.5 crores…
This case involves an application filed by Patrimoine Expo Private Limited and Dr. Vikram Patil against Reliance Communication Infrastructure Limited (RCIL) and others, seeking orders related to a Memorandum of Understanding (MOU) for the transfer of leasehold rights and shares in a Special Purpose Vehicle (SPV), Realsoft Cybersystems Private Limited. The applicants claim that RCIL, the corporate debtor, failed to fulfill its obligations under the MOU, specifically the transfer of shares in the SPV, despite the applicants having made a partial payment and being ready to pay the balance consideration. The applicants sought to restrain the Resolution Professional (RP) from including the assets of the SPV in the resolution plan of RCIL and to direct the transfer of equity
…1. Patrimoine Expo Private Limited and Dr. Vikram Patil (Applicants) entered into a Memorandum of Understanding (MOU) dated 03.02.2018 with Reliance Communication Infrastructure Limited (RCIL/Corporate Debtor) for the transfer of leasehold rights in a property and shares in a Special Purpose Vehicle (SPV). 2. RCIL was undergoing Corporate Insolvency Resolution Process (CIRP) and Mr. Anish Nanavaty was appointed as an Interim Resolution Professional (IRP). 3. The MOU stipulated that RCIL would create an SPV for the transfer of leasehold rights, and RCIL identified Realsoft Cybersystems Private Limited (Respondent No. 3) as the SPV. 4. The Applicants paid Rs. 5.50 Crores as the first installment out of Rs. 51.50 Crores as per the MOU. 5. The Applicants claim they
…Memorandum of Understanding (MOU) executed…
Applicant Company made payment of Rs 5.5 crores…