The case arises from a Suo-Motu action taken by the Adjudicating Authority concerning Zoom Communication Pvt. Ltd. Vs Par Excellence Real Estate Pvt. Ltd. A show cause notice was issued to Zoom Communications Pvt. Ltd (Respondent No.1), Par Excellence Real Estate Pvt. Ltd. (Respondent No.2), and Mr. Gulshan Kumar Jhurani (Respondent No.3) regarding the imposition of a penalty under Section 65 of IBC, 2016. The Operational Creditor, Zoom Communications Pvt. Ltd., had filed an application under Section 9 of IBC, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Par Excellence Real Estate Pvt. Ltd. The Adjudicating Authority dismissed the application and issued a show cause notice to the Applicant, Respondent, and Common
…Zoom Communications Pvt. Ltd. (Respondent No.1) filed an application under Section 9 of IBC, 2016 to initiate CIRP against Par Excellence Real Estate Pvt. Ltd. (Corporate Debtor/Respondent No.2). The application was dismissed by the Adjudicating Authority on 17.05.2022. The dismissal was based on the Adjudicating Authority's belief that the debt was doubtful. The Adjudicating Authority also issued a show cause notice to Zoom Communications, Par Excellence Real Estate, and Mr. Gulshan Kumar Jhurani (Respondent No.3), who was a common director in both companies, regarding a potential penalty under Section 65 of IBC, 2016 for fraudulent initiation of insolvency proceedings. The NCLAT upheld the Adjudicating Authority's order dismissing the Section 9 application. Gulshan
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Respondent No.1 issued…
Zoom Communications Limited filed an…
The case arises from a Suo-Motu action taken by the Adjudicating Authority concerning Zoom Communication Pvt. Ltd. Vs Par Excellence Real Estate Pvt. Ltd. A show cause notice was issued to Zoom Communications Pvt. Ltd (Respondent No.1), Par Excellence Real Estate Pvt. Ltd. (Respondent No.2), and Mr. Gulshan Kumar Jhurani (Respondent No.3) regarding the imposition of a penalty under Section 65 of IBC, 2016. The Operational Creditor, Zoom Communications Pvt. Ltd., had filed an application under Section 9 of IBC, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Par Excellence Real Estate Pvt. Ltd. The Adjudicating Authority dismissed the application and issued a show cause notice to the Applicant, Respondent, and Common
…Zoom Communications Pvt. Ltd. (Respondent No.1) filed an application under Section 9 of IBC, 2016 to initiate CIRP against Par Excellence Real Estate Pvt. Ltd. (Corporate Debtor/Respondent No.2). The application was dismissed by the Adjudicating Authority on 17.05.2022. The dismissal was based on the Adjudicating Authority's belief that the debt was doubtful. The Adjudicating Authority also issued a show cause notice to Zoom Communications, Par Excellence Real Estate, and Mr. Gulshan Kumar Jhurani (Respondent No.3), who was a common director in both companies, regarding a potential penalty under Section 65 of IBC, 2016 for fraudulent initiation of insolvency proceedings. The NCLAT upheld the Adjudicating Authority's order dismissing the Section 9 application. Gulshan
…Respondent No.1 issued…
Zoom Communications Limited filed an…