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 (JMEL). 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 RP contends that the land was sold to the Corporate Debtor in 1953 and relies on Sections 18 and 25 of the IBC to take control of the Corporate Debtor's assets. The Corporate Debtor's account became a non-performing asset in 1997, leading to BIFR proceedings and a winding-up
…Jaipur Metals & Electricals Limited (JMEL), the Corporate Debtor, faced insolvency proceedings initiated by Alchemist Asset Reconstruction Company Ltd. The Jaipur Development Authority (JDA) filed an application (IA No. 616/JPR/2022) to be impleaded in proceedings related to the handover of assets, specifically concerning land (Khasra No. 3) where the Corporate Debtor is situated. JDA claims ownership of this land, supported by Zamabandi records and a P.T. Survey. The Resolution Professional (RP) seeks control of the Corporate Debtor's assets, including the disputed land, relying on Sections 18 and 25 of the IBC. The RP argues that the land was sold to the Corporate Debtor in 1953. The Corporate Debtor's account became a non-performing asset in 1997, leading to
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Jaipur Metals Industries Limited, later known…
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 (JMEL). 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 RP contends that the land was sold to the Corporate Debtor in 1953 and relies on Sections 18 and 25 of the IBC to take control of the Corporate Debtor's assets. The Corporate Debtor's account became a non-performing asset in 1997, leading to BIFR proceedings and a winding-up
…Jaipur Metals & Electricals Limited (JMEL), the Corporate Debtor, faced insolvency proceedings initiated by Alchemist Asset Reconstruction Company Ltd. The Jaipur Development Authority (JDA) filed an application (IA No. 616/JPR/2022) to be impleaded in proceedings related to the handover of assets, specifically concerning land (Khasra No. 3) where the Corporate Debtor is situated. JDA claims ownership of this land, supported by Zamabandi records and a P.T. Survey. The Resolution Professional (RP) seeks control of the Corporate Debtor's assets, including the disputed land, relying on Sections 18 and 25 of the IBC. The RP argues that the land was sold to the Corporate Debtor in 1953. The Corporate Debtor's account became a non-performing asset in 1997, leading to
…Jaipur Metals Industries Limited, later known…
Sale deeds were executed by His Highness The…