The case involves a corporate insolvency resolution process (CIRP) initiated against Jaipur Metals & Electricals Limited (JMEL). Alchemist Asset Reconstruction Company Limited (AARCL) filed an application as a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). The State of Rajasthan filed applications (IA Nos. 327/JPR/2019, 34/JPR/2020, and 87/JPR/2022) seeking to impound loan documents, reject claims of AARCL and Asset Reconstruction Company (India) Ltd. (ARCIL) due to insufficient stamp duty, and stay CIRP proceedings. The State argued that the loan agreements between JMEL, IDBI, and other banks were under-stamped and that the Resolution Professional (RP) should not have admitted the claims of AARCL and ARCIL. The State also alleged
…Jaipur Metals & Electricals Limited (JMEL) is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Alchemist Asset Reconstruction Company Limited (AARCL) as a financial creditor. The State of Rajasthan, which has been managing JMEL since 1977, filed multiple applications (IAs) to challenge the CIRP. These applications primarily contest the validity of AARCL's claim due to alleged under-stamping of loan documents dating back to 1996 between JMEL and IDBI. The State also sought to impound these documents and reject AARCL's claim, arguing that the Resolution Professional (RP) should not have admitted it. IDBI assigned its debt to AARCL in 2007. JMEL was declared a sick company under BIFR in 1999. The State of Rajasthan floated an Information
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Jaipur Metals &…
The Government of…
The case involves a corporate insolvency resolution process (CIRP) initiated against Jaipur Metals & Electricals Limited (JMEL). Alchemist Asset Reconstruction Company Limited (AARCL) filed an application as a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). The State of Rajasthan filed applications (IA Nos. 327/JPR/2019, 34/JPR/2020, and 87/JPR/2022) seeking to impound loan documents, reject claims of AARCL and Asset Reconstruction Company (India) Ltd. (ARCIL) due to insufficient stamp duty, and stay CIRP proceedings. The State argued that the loan agreements between JMEL, IDBI, and other banks were under-stamped and that the Resolution Professional (RP) should not have admitted the claims of AARCL and ARCIL. The State also alleged
…Jaipur Metals & Electricals Limited (JMEL) is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Alchemist Asset Reconstruction Company Limited (AARCL) as a financial creditor. The State of Rajasthan, which has been managing JMEL since 1977, filed multiple applications (IAs) to challenge the CIRP. These applications primarily contest the validity of AARCL's claim due to alleged under-stamping of loan documents dating back to 1996 between JMEL and IDBI. The State also sought to impound these documents and reject AARCL's claim, arguing that the Resolution Professional (RP) should not have admitted it. IDBI assigned its debt to AARCL in 2007. JMEL was declared a sick company under BIFR in 1999. The State of Rajasthan floated an Information
…Jaipur Metals &…
The Government of…