The case involves an application (IA No. 616/JPR/2022) filed by Jaipur Development Authority (JDA) seeking to be impleaded as a party respondent in IA No. 99/JPR/2019, which was filed by the Resolution Professional (RP) seeking handover of assets of the Corporate Debtor, Jaipur Metals & Electricals Limited. The JDA claims ownership of the land (Khasra No. 3) on which the Corporate Debtor is situated, arguing that the RP should not take control of assets not owned by the Corporate Debtor. The Corporate Debtor's account became a non-performing asset in 1997, leading to BIFR proceedings and a winding-up opinion. Alchemist Asset Reconstruction Company Ltd. initiated CIRP under Section 7 of the IBC based on a debt of Rs. 356 crores. The High Court had previously stayed
…Jaipur Metals & Electricals Limited (Corporate Debtor) faced insolvency proceedings initiated by Alchemist Asset Reconstruction Company Ltd. The Jaipur Development Authority (JDA) claimed ownership of the land (Khasra No. 3) where the Corporate Debtor is situated, asserting that the Resolution Professional (RP) cannot take control of assets not owned by the Corporate Debtor. The JDA filed an application (IA No. 616/JPR/2022) to be impleaded as a party in the RP's application (IA No. 99/JPR/2019) seeking handover of assets. The RP argued that the land was sold to the Corporate Debtor in 1953 and that the JDA's claim is based on mutation records, which do not confer ownership. The Corporate Debtor's account became a non-performing asset in 1997, leading to BIFR
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Jaipur Metals & Electricals Limited (JMEL),…
Sale deeds were executed by His Highness The…
The case involves an application (IA No. 616/JPR/2022) filed by Jaipur Development Authority (JDA) seeking to be impleaded as a party respondent in IA No. 99/JPR/2019, which was filed by the Resolution Professional (RP) seeking handover of assets of the Corporate Debtor, Jaipur Metals & Electricals Limited. The JDA claims ownership of the land (Khasra No. 3) on which the Corporate Debtor is situated, arguing that the RP should not take control of assets not owned by the Corporate Debtor. The Corporate Debtor's account became a non-performing asset in 1997, leading to BIFR proceedings and a winding-up opinion. Alchemist Asset Reconstruction Company Ltd. initiated CIRP under Section 7 of the IBC based on a debt of Rs. 356 crores. The High Court had previously stayed
…Jaipur Metals & Electricals Limited (Corporate Debtor) faced insolvency proceedings initiated by Alchemist Asset Reconstruction Company Ltd. The Jaipur Development Authority (JDA) claimed ownership of the land (Khasra No. 3) where the Corporate Debtor is situated, asserting that the Resolution Professional (RP) cannot take control of assets not owned by the Corporate Debtor. The JDA filed an application (IA No. 616/JPR/2022) to be impleaded as a party in the RP's application (IA No. 99/JPR/2019) seeking handover of assets. The RP argued that the land was sold to the Corporate Debtor in 1953 and that the JDA's claim is based on mutation records, which do not confer ownership. The Corporate Debtor's account became a non-performing asset in 1997, leading to BIFR
…Jaipur Metals & Electricals Limited (JMEL),…
Sale deeds were executed by His Highness The…