This is an Interlocutory Application (IA) No.3903 of 2022 filed by M/s Ojas Tradelease and Mall Management Private Limited, challenging the maintainability of Application bearing CP(IB) No.865/MB/2022 filed by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The IA argues that the application is barred under Section 10A of the Code and that there are parallel proceedings initiated by the Respondent/Financial Creditor for enforcement of the same debt. The Main Application was filed by the Respondent/Financial Creditor on 22.06.2022 against the Applicant/Corporate Debtor, which is the Corporate Guarantor to Iskrupa Mall Management Company Private Limited. The alleged amount of financial debt claimed to be in default is
…Ojas Tradelease and Mall Management Private Limited (Applicant/Corporate Debtor) filed IA No.3903 of 2022 challenging the maintainability of CP(IB) No.865/MB/2022 filed by Central Bank of India (Respondent/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Applicant is a corporate guarantor for Iskrupa Mall Management Company Private Limited (Principal Borrower). The Respondent granted a Term Loan of Rs.150 crores to the Principal Borrower, which was guaranteed by the Applicant. The Principal Borrower defaulted on 30.09.2020, leading to a request for One-Time Restructuring (OTR) under the RBI Covid Circular. An OTR was executed, and a Restructuring Agreement was entered into on 21.06.2021. The Principal Borrower failed to meet its
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Respondent/Financial Creditor granted a Term…
Respondent/ Financial Creditor entered into a…
This is an Interlocutory Application (IA) No.3903 of 2022 filed by M/s Ojas Tradelease and Mall Management Private Limited, challenging the maintainability of Application bearing CP(IB) No.865/MB/2022 filed by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The IA argues that the application is barred under Section 10A of the Code and that there are parallel proceedings initiated by the Respondent/Financial Creditor for enforcement of the same debt. The Main Application was filed by the Respondent/Financial Creditor on 22.06.2022 against the Applicant/Corporate Debtor, which is the Corporate Guarantor to Iskrupa Mall Management Company Private Limited. The alleged amount of financial debt claimed to be in default is
…Ojas Tradelease and Mall Management Private Limited (Applicant/Corporate Debtor) filed IA No.3903 of 2022 challenging the maintainability of CP(IB) No.865/MB/2022 filed by Central Bank of India (Respondent/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Applicant is a corporate guarantor for Iskrupa Mall Management Company Private Limited (Principal Borrower). The Respondent granted a Term Loan of Rs.150 crores to the Principal Borrower, which was guaranteed by the Applicant. The Principal Borrower defaulted on 30.09.2020, leading to a request for One-Time Restructuring (OTR) under the RBI Covid Circular. An OTR was executed, and a Restructuring Agreement was entered into on 21.06.2021. The Principal Borrower failed to meet its
…Respondent/Financial Creditor granted a Term…
Respondent/ Financial Creditor entered into a…