The application, I.A. No. 3237 of 2023, was filed by Catalyst Trusteeship Limited, the Financial Creditor, seeking an amendment to the Company Petition (C.P. No. 431/IB/C-III/2023). The amendment sought to insert the date of default in Part-IV of the petition as June 5, 2022. The Applicant stated that the date of default was not mentioned in Part-IV due to inadvertence. The Corporate Debtor, Marvel Realtors and Developers Limited, opposed the application, arguing that the amendment would change the nature of the case and that the petition was barred by Section 10A of the Insolvency and Bankruptcy Code (IBC).
Catalyst Trusteeship Limited, the Financial Creditor, filed an application (I.A. No. 3237 of 2023) to amend the Company Petition (C.P. No. 431/IB/C-III/2023) by inserting the date of default as June 5, 2022, in Part-IV of the petition. The Financial Creditor claimed the omission was due to inadvertence. Marvel Realtors and Developers Limited, the Corporate Debtor, opposed the amendment, arguing it would change the nature of the case and was an attempt to circumvent Section 10A of the IBC, which bars certain applications. The Corporate Debtor pointed out that the petition already mentioned amounts due for the quarter ended December 31, 2020. The court noted that Part-IV of the petition described various facilities with amounts due and due dates, with some dates falling
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Catalyst Trusteeship Limited sought to insert…
Catalyst Trusteeship Limited filed the…
The application, I.A. No. 3237 of 2023, was filed by Catalyst Trusteeship Limited, the Financial Creditor, seeking an amendment to the Company Petition (C.P. No. 431/IB/C-III/2023). The amendment sought to insert the date of default in Part-IV of the petition as June 5, 2022. The Applicant stated that the date of default was not mentioned in Part-IV due to inadvertence. The Corporate Debtor, Marvel Realtors and Developers Limited, opposed the application, arguing that the amendment would change the nature of the case and that the petition was barred by Section 10A of the Insolvency and Bankruptcy Code (IBC).
Catalyst Trusteeship Limited, the Financial Creditor, filed an application (I.A. No. 3237 of 2023) to amend the Company Petition (C.P. No. 431/IB/C-III/2023) by inserting the date of default as June 5, 2022, in Part-IV of the petition. The Financial Creditor claimed the omission was due to inadvertence. Marvel Realtors and Developers Limited, the Corporate Debtor, opposed the amendment, arguing it would change the nature of the case and was an attempt to circumvent Section 10A of the IBC, which bars certain applications. The Corporate Debtor pointed out that the petition already mentioned amounts due for the quarter ended December 31, 2020. The court noted that Part-IV of the petition described various facilities with amounts due and due dates, with some dates falling
…Catalyst Trusteeship Limited sought to insert…
Catalyst Trusteeship Limited filed the…