The case involves an application (IA 1269 of 2020) filed in Company Petition CP No. 1387 of 2017 by the Resolution Professional of Reliance Communications Limited, seeking to declare certain repayments made to RPL Aditya Power Limited as preferential transactions under Section 43 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional contends that prior to the commencement of the corporate insolvency resolution process (CIRP), Reliance Communications Limited repaid an unsecured loan of Rs. 15.21 crores to RPL Aditya Power Limited. The applicant argues that these payments constitute a preferential transaction that should be set aside.
Reliance Communications Limited (the Corporate Debtor) underwent a corporate insolvency resolution process (CIRP). Prior to the commencement of CIRP, the Corporate Debtor repaid an unsecured loan of Rs. 15.21 crores to RPL Aditya Power Limited (the Respondent) in multiple tranches between May 15, 2017, and September 19, 2017. The loan was part of a larger unsecured loan of Rs. 363 crores availed by the Corporate Debtor from the Respondent on April 10, 2017, at an interest rate of 13%. The Resolution Professional of Reliance Communications Limited filed an application arguing that these repayments constituted a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code, 2016, as they were made in priority to secured lenders and put the Respondent in
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Corporate Debtor availed an unsecured loan of…
Corporate Debtor began…
The case involves an application (IA 1269 of 2020) filed in Company Petition CP No. 1387 of 2017 by the Resolution Professional of Reliance Communications Limited, seeking to declare certain repayments made to RPL Aditya Power Limited as preferential transactions under Section 43 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional contends that prior to the commencement of the corporate insolvency resolution process (CIRP), Reliance Communications Limited repaid an unsecured loan of Rs. 15.21 crores to RPL Aditya Power Limited. The applicant argues that these payments constitute a preferential transaction that should be set aside.
Reliance Communications Limited (the Corporate Debtor) underwent a corporate insolvency resolution process (CIRP). Prior to the commencement of CIRP, the Corporate Debtor repaid an unsecured loan of Rs. 15.21 crores to RPL Aditya Power Limited (the Respondent) in multiple tranches between May 15, 2017, and September 19, 2017. The loan was part of a larger unsecured loan of Rs. 363 crores availed by the Corporate Debtor from the Respondent on April 10, 2017, at an interest rate of 13%. The Resolution Professional of Reliance Communications Limited filed an application arguing that these repayments constituted a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code, 2016, as they were made in priority to secured lenders and put the Respondent in
…Corporate Debtor availed an unsecured loan of…
Corporate Debtor began…