The case involves an application filed by JM Financial Asset Reconstruction Company Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RR Infopark Private Limited. The Financial Creditor claimed a default of Rs. 198,31,59,760/- as of 21.05.2013. The application was initially filed on 27.06.2019. Settlement talks occurred, and a settlement agreement was entered into, leading to the initial dismissal of the application. However, the Corporate Debtor defaulted on the settlement agreement, prompting the Financial Creditor to file a restoration application, which was allowed. The Corporate Debtor argued that the application was barred by limitation.
JM Financial Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RR Infopark Private Limited. The Financial Creditor claimed a default of Rs. 198,31,59,760/- as of 21.05.2013. The application was filed on 27.06.2019. The Corporate Debtor was incorporated on 24.01.1986. The authorized share capital is Rs.110,00,000/- and the paid-up capital is Rs.104,505,200/-. The registered office of the Corporate Debtor is at RR Skyline, Ambattur Industrial Estate, Ambattur, Chennai-58. Initially, Mr. C. Ramasubramanian was proposed as the Interim Resolution Professional (IRP), but later Ms. Sujatha Chattopadhyay was appointed. A term loan of Rs.70.00
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RR Infopark P…
Oriental Bank of…
The case involves an application filed by JM Financial Asset Reconstruction Company Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RR Infopark Private Limited. The Financial Creditor claimed a default of Rs. 198,31,59,760/- as of 21.05.2013. The application was initially filed on 27.06.2019. Settlement talks occurred, and a settlement agreement was entered into, leading to the initial dismissal of the application. However, the Corporate Debtor defaulted on the settlement agreement, prompting the Financial Creditor to file a restoration application, which was allowed. The Corporate Debtor argued that the application was barred by limitation.
JM Financial Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RR Infopark Private Limited. The Financial Creditor claimed a default of Rs. 198,31,59,760/- as of 21.05.2013. The application was filed on 27.06.2019. The Corporate Debtor was incorporated on 24.01.1986. The authorized share capital is Rs.110,00,000/- and the paid-up capital is Rs.104,505,200/-. The registered office of the Corporate Debtor is at RR Skyline, Ambattur Industrial Estate, Ambattur, Chennai-58. Initially, Mr. C. Ramasubramanian was proposed as the Interim Resolution Professional (IRP), but later Ms. Sujatha Chattopadhyay was appointed. A term loan of Rs.70.00
…RR Infopark P…
Oriental Bank of…