The Corporate Insolvency Resolution Process (CIRP) was initiated against Royal Refinery Private Limited (Corporate Debtor) based on a Section 9 petition filed by a Financial Creditor. Nandkishor Vishnupant Deshpande was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. The IRP discovered that a sum of Rs. 3.39 crores was receivable from Diamond India Limited (Respondent No. 2). Diamond India Limited confirmed a payable balance of Rs. 77,39,624/- to the Corporate Debtor. However, the Director of Revenue Intelligence (DRI) had attached this amount, preventing its disbursal to the Corporate Debtor. The IRP filed an application seeking the removal of the restriction imposed by the DRI and directing
…Royal Refinery Private Limited (Corporate Debtor) is engaged in the business of trading in bullion, importing gold, and exporting it after manufacturing. Diamond India Limited (Respondent No. 2) is a government-notified agency licensed by DGFT for importing gold and silver. The Corporate Debtor entered into an agreement with Diamond India Limited for the purchase of gold, maintaining a margin account for customs duty payments. The Director of Revenue Intelligence (DRI) initiated an investigation into the Corporate Debtor for allegedly diverting duty-free gold bars imported under the Advance Authorization Scheme. The DRI issued an attachment order to Diamond India Limited, preventing the disbursal of Rs. 77,39,624/- lying in the Corporate Debtor's margin account. The
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Corporate Insolvency…
Public announcement in Form A made for…
The Corporate Insolvency Resolution Process (CIRP) was initiated against Royal Refinery Private Limited (Corporate Debtor) based on a Section 9 petition filed by a Financial Creditor. Nandkishor Vishnupant Deshpande was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. The IRP discovered that a sum of Rs. 3.39 crores was receivable from Diamond India Limited (Respondent No. 2). Diamond India Limited confirmed a payable balance of Rs. 77,39,624/- to the Corporate Debtor. However, the Director of Revenue Intelligence (DRI) had attached this amount, preventing its disbursal to the Corporate Debtor. The IRP filed an application seeking the removal of the restriction imposed by the DRI and directing
…Royal Refinery Private Limited (Corporate Debtor) is engaged in the business of trading in bullion, importing gold, and exporting it after manufacturing. Diamond India Limited (Respondent No. 2) is a government-notified agency licensed by DGFT for importing gold and silver. The Corporate Debtor entered into an agreement with Diamond India Limited for the purchase of gold, maintaining a margin account for customs duty payments. The Director of Revenue Intelligence (DRI) initiated an investigation into the Corporate Debtor for allegedly diverting duty-free gold bars imported under the Advance Authorization Scheme. The DRI issued an attachment order to Diamond India Limited, preventing the disbursal of Rs. 77,39,624/- lying in the Corporate Debtor's margin account. The
…Corporate Insolvency…
Public announcement in Form A made for…