The application IA No. 395/2021 was filed by Mrs. Sumati Jain, the legal heir of Vijender Kumar Jain, proprietor of M/s Arihant Cycles, to substitute the name of Vijender Kumar Jain and continue the proceedings in CP (IB) No. 217/Chd/Hry/2020. Vijender Kumar Jain, the operational creditor, had filed a petition under Section 9 of the IBC, 2016, for initiating the Corporate Insolvency Resolution Process. However, during the proceedings, Vijender Kumar Jain passed away, leaving behind five legal heirs. Four of the legal heirs executed a relinquishment deed in favor of the applicant, Sumati Jain. The application was filed within the limitation period of 90 days from the date of death.
Vijender Kumar Jain, proprietor of M/s. Arihant Cycles, filed CP (IB) No. 217/Chd/Hry/2020 under Section 9 of the IBC, 2016, as an operational creditor against M/s. Atlas Cycles (Haryana) Limited. During the proceedings, Vijender Kumar Jain passed away intestate, leaving behind five legal heirs. Four legal heirs executed a relinquishment deed in favor of Sumati Jain, who then filed IA No. 395/2021 to substitute her name in place of the deceased. The respondent, M/s. Atlas Cycles, opposed the application, arguing that legal heirs are not covered under the definition of operational creditors as per Section 5(20) of the IBC, 2016. Sumati Jain contended that she is a Class I legal heir and has stepped into the shoes of the deceased, becoming the operational creditor by
…Sign in to view the parties.
Vijender Kumar Jain filed CP (IB) No.…
Vijender Kumar Jain…
The application IA No. 395/2021 was filed by Mrs. Sumati Jain, the legal heir of Vijender Kumar Jain, proprietor of M/s Arihant Cycles, to substitute the name of Vijender Kumar Jain and continue the proceedings in CP (IB) No. 217/Chd/Hry/2020. Vijender Kumar Jain, the operational creditor, had filed a petition under Section 9 of the IBC, 2016, for initiating the Corporate Insolvency Resolution Process. However, during the proceedings, Vijender Kumar Jain passed away, leaving behind five legal heirs. Four of the legal heirs executed a relinquishment deed in favor of the applicant, Sumati Jain. The application was filed within the limitation period of 90 days from the date of death.
Vijender Kumar Jain, proprietor of M/s. Arihant Cycles, filed CP (IB) No. 217/Chd/Hry/2020 under Section 9 of the IBC, 2016, as an operational creditor against M/s. Atlas Cycles (Haryana) Limited. During the proceedings, Vijender Kumar Jain passed away intestate, leaving behind five legal heirs. Four legal heirs executed a relinquishment deed in favor of Sumati Jain, who then filed IA No. 395/2021 to substitute her name in place of the deceased. The respondent, M/s. Atlas Cycles, opposed the application, arguing that legal heirs are not covered under the definition of operational creditors as per Section 5(20) of the IBC, 2016. Sumati Jain contended that she is a Class I legal heir and has stepped into the shoes of the deceased, becoming the operational creditor by
…Vijender Kumar Jain filed CP (IB) No.…
Vijender Kumar Jain…