The case involves an Interlocutory Application (IA 2682/2022) filed by D B Realty Limited against Reliance Commercial Finance Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application seeks to implead Authum Investment and Infrastructure Limited in place of the Original Petitioner, Reliance Commercial Finance Limited, due to an approved resolution plan.
Reliance Capital Limited (RCL) defaulted on its payment and debt servicing obligations. The Reserve Bank of India (RBI) superseded the Board of Directors of RCL on November 29, 2021. The Tribunal admitted a petition filed by the RBI on December 6, 2021, and appointed an administrator for RCL. A resolution plan was approved in favor of Authum Investment and Infrastructure Limited by the Supreme Court on August 30, 2022. D B Realty Limited, the applicant, had availed facilities as a corporate loan to develop a real estate project. The applicant expressed willingness to pay Rs.142,94,00,000/- towards repayment of the facilities. The applicant sent letters to the Administrator, RBI Governor, and Secretary of Finance expressing their willingness to pay. The members of the
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Reliance Capital Limited sanctioned a credit…
The Hon'ble Bombay High Court sanctioned the…
The case involves an Interlocutory Application (IA 2682/2022) filed by D B Realty Limited against Reliance Commercial Finance Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application seeks to implead Authum Investment and Infrastructure Limited in place of the Original Petitioner, Reliance Commercial Finance Limited, due to an approved resolution plan.
Reliance Capital Limited (RCL) defaulted on its payment and debt servicing obligations. The Reserve Bank of India (RBI) superseded the Board of Directors of RCL on November 29, 2021. The Tribunal admitted a petition filed by the RBI on December 6, 2021, and appointed an administrator for RCL. A resolution plan was approved in favor of Authum Investment and Infrastructure Limited by the Supreme Court on August 30, 2022. D B Realty Limited, the applicant, had availed facilities as a corporate loan to develop a real estate project. The applicant expressed willingness to pay Rs.142,94,00,000/- towards repayment of the facilities. The applicant sent letters to the Administrator, RBI Governor, and Secretary of Finance expressing their willingness to pay. The members of the
…Reliance Capital Limited sanctioned a credit…
The Hon'ble Bombay High Court sanctioned the…