Phoenix ARC Private Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an injunction on the disposal of assets by Precision Realty Developers Private Limited, the Corporate Debtor. This application was filed in relation to a Company Petition No. 163 of 2023, initiated by Phoenix ARC against Precision Realty Developers to commence Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Code, concerning a debt of approximately Rs. 118.95 Crore.
Phoenix ARC Private Limited filed an application seeking an injunction against Precision Realty Developers Private Limited to prevent them from disposing of assets. This application was connected to a Company Petition filed by Phoenix ARC to initiate Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers due to a debt of approximately Rs. 118.95 Crore. Phoenix ARC argued that Precision Realty Developers was attempting to dispose of assets to defeat their claim and jeopardize the CIRP process. They also mentioned previous requests for loan restructuring and subsequent defaults by the Corporate Debtor. Precision Realty Developers countered that the application lacked substantiation and the allegations were vague, arguing that the applicant
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Company Petition No. 163 of 2023 filed by…
Phoenix ARC filed an application seeking an…
Phoenix ARC Private Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an injunction on the disposal of assets by Precision Realty Developers Private Limited, the Corporate Debtor. This application was filed in relation to a Company Petition No. 163 of 2023, initiated by Phoenix ARC against Precision Realty Developers to commence Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Code, concerning a debt of approximately Rs. 118.95 Crore.
Phoenix ARC Private Limited filed an application seeking an injunction against Precision Realty Developers Private Limited to prevent them from disposing of assets. This application was connected to a Company Petition filed by Phoenix ARC to initiate Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers due to a debt of approximately Rs. 118.95 Crore. Phoenix ARC argued that Precision Realty Developers was attempting to dispose of assets to defeat their claim and jeopardize the CIRP process. They also mentioned previous requests for loan restructuring and subsequent defaults by the Corporate Debtor. Precision Realty Developers countered that the application lacked substantiation and the allegations were vague, arguing that the applicant
…Company Petition No. 163 of 2023 filed by…
Phoenix ARC filed an application seeking an…