The case involves a petition filed by Reliance Commercial Finance Ltd., the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Raj Mahal Jewellers Pvt. Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed default on loan facilities provided to the corporate debtor. The corporate debtor raised objections regarding a Scheme of Arrangement between Reliance Capital Ltd. and Reliance Commercial Finance Ltd., arguing they were not informed about it. The financial creditor argued that the corporate debtor was liable to make payments as per the agreed schedule.
Reliance Commercial Finance Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Raj Mahal Jewellers Pvt. Ltd., seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor had sanctioned four loan facilities to the corporate debtor, evidenced by separate loan agreements dated 2016-09-30. The financial creditor issued four Loan Recall Notices dated 2018-03-27, demanding repayment of Rs. 14,76,48,238/-, Rs. 1,37,06,113/-, Rs. 3,15,89,835/-, and Rs. 8,97,58,258/-. The total amount in default as of 2018-06-13 was Rs. 28,94,80,609/-. The corporate debtor raised an objection regarding a Scheme of Arrangement between Reliance Capital Ltd. and Reliance Commercial Finance Ltd., sanctioned by the
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Four separate loan agreements were executed…
The Hon'ble Bombay High Court sanctioned the…
The case involves a petition filed by Reliance Commercial Finance Ltd., the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Raj Mahal Jewellers Pvt. Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed default on loan facilities provided to the corporate debtor. The corporate debtor raised objections regarding a Scheme of Arrangement between Reliance Capital Ltd. and Reliance Commercial Finance Ltd., arguing they were not informed about it. The financial creditor argued that the corporate debtor was liable to make payments as per the agreed schedule.
Reliance Commercial Finance Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Raj Mahal Jewellers Pvt. Ltd., seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor had sanctioned four loan facilities to the corporate debtor, evidenced by separate loan agreements dated 2016-09-30. The financial creditor issued four Loan Recall Notices dated 2018-03-27, demanding repayment of Rs. 14,76,48,238/-, Rs. 1,37,06,113/-, Rs. 3,15,89,835/-, and Rs. 8,97,58,258/-. The total amount in default as of 2018-06-13 was Rs. 28,94,80,609/-. The corporate debtor raised an objection regarding a Scheme of Arrangement between Reliance Capital Ltd. and Reliance Commercial Finance Ltd., sanctioned by the
…Four separate loan agreements were executed…
The Hon'ble Bombay High Court sanctioned the…