The case involves an application (IA No.1178 of 2023) filed by the promoter and member of the suspended Board of M/s. Ravi Cranes and Movers Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Resolution Professional (RP) to include a disputed property in the Information Memorandum (IM) and conduct a fresh valuation. The Corporate Insolvency Resolution Process (CIRP) had been initiated against the Corporate Debtor on 26.09.2022. The applicant contends that a property, which is still reflected in the Corporate Debtor's balance sheet and encumbrance certificate, was wrongly excluded from the IM by the RP. The respondent, Indian Overseas Bank, argues that the property was already sold in an e-auction
…The Corporate Insolvency Resolution Process (CIRP) against M/s. Ravi Cranes and Movers Limited (Corporate Debtor) was initiated on 26.09.2022. The promoter and member of the suspended board filed an application (IA No.1178 of 2023) seeking to include a property in Gopanpally Village, Serilingampally Mandal, Ranga Reddy District, in the Information Memorandum (IM). This property was purchased by the Corporate Debtor and is reflected in its balance sheet from 2013-14 to 2021-22. Indian Overseas Bank (Respondent No.2) extended credit facilities to M/s.RCM Infrastructure Limited ('RCM'), with the Corporate Debtor acting as a guarantor. 'RCM' defaulted, and its account was classified as NPA on 30.01.2016. Respondent No.2 issued a demand notice on 12.01.2018 under the
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The account of M/s.RCM Infrastructure Limited…
Respondent No.2 issued a demand notice under…
The case involves an application (IA No.1178 of 2023) filed by the promoter and member of the suspended Board of M/s. Ravi Cranes and Movers Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Resolution Professional (RP) to include a disputed property in the Information Memorandum (IM) and conduct a fresh valuation. The Corporate Insolvency Resolution Process (CIRP) had been initiated against the Corporate Debtor on 26.09.2022. The applicant contends that a property, which is still reflected in the Corporate Debtor's balance sheet and encumbrance certificate, was wrongly excluded from the IM by the RP. The respondent, Indian Overseas Bank, argues that the property was already sold in an e-auction
…The Corporate Insolvency Resolution Process (CIRP) against M/s. Ravi Cranes and Movers Limited (Corporate Debtor) was initiated on 26.09.2022. The promoter and member of the suspended board filed an application (IA No.1178 of 2023) seeking to include a property in Gopanpally Village, Serilingampally Mandal, Ranga Reddy District, in the Information Memorandum (IM). This property was purchased by the Corporate Debtor and is reflected in its balance sheet from 2013-14 to 2021-22. Indian Overseas Bank (Respondent No.2) extended credit facilities to M/s.RCM Infrastructure Limited ('RCM'), with the Corporate Debtor acting as a guarantor. 'RCM' defaulted, and its account was classified as NPA on 30.01.2016. Respondent No.2 issued a demand notice on 12.01.2018 under the
…The account of M/s.RCM Infrastructure Limited…
Respondent No.2 issued a demand notice under…