The application IA 1276/2020 was filed by Mr. Anish Niranjan Nanavaty, the Resolution Professional, in the matter of M/s Reliance Communications Limited (Corporate Debtor) under Section 43 & 44 of The Insolvency and Bankruptcy Code, 2016, seeking to declare certain repayments made by the Corporate Debtor to the Respondent as preferential transactions. The Applicant observed that prior to the commencement of the corporate insolvency resolution process (CIRP), the Corporate Debtor repaid an unsecured loan of Rs. 1,745 crores to the Respondent, along with interest payments of Rs. 52.98 crores. The Applicant contended that these payments, totaling Rs. 1797.98 crores, constitute a preferential transaction liable to be set aside.
Mr. Anish Niranjan Nanavaty, the Resolution Professional of Reliance Communications Limited (Corporate Debtor), filed an application (IA 1276/2020) under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016, seeking to declare certain transactions as preferential. The Corporate Debtor had repaid an unsecured loan of Rs. 1,745 crores to Reliance Capital Limited (Respondent) before the commencement of the Corporate Insolvency Resolution Process (CIRP). Additionally, the Corporate Debtor made interest payments of Rs. 52.98 crores on the unsecured loan. These payments, totaling Rs. 1797.98 crores, were made in multiple tranches between May 15, 2016, and June 30, 2017. The Resolution Professional appointed Grant Thornton India LLP as auditors, who identified these
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The application IA 1276/2020 was filed by Mr. Anish Niranjan Nanavaty, the Resolution Professional, in the matter of M/s Reliance Communications Limited (Corporate Debtor) under Section 43 & 44 of The Insolvency and Bankruptcy Code, 2016, seeking to declare certain repayments made by the Corporate Debtor to the Respondent as preferential transactions. The Applicant observed that prior to the commencement of the corporate insolvency resolution process (CIRP), the Corporate Debtor repaid an unsecured loan of Rs. 1,745 crores to the Respondent, along with interest payments of Rs. 52.98 crores. The Applicant contended that these payments, totaling Rs. 1797.98 crores, constitute a preferential transaction liable to be set aside.
Mr. Anish Niranjan Nanavaty, the Resolution Professional of Reliance Communications Limited (Corporate Debtor), filed an application (IA 1276/2020) under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016, seeking to declare certain transactions as preferential. The Corporate Debtor had repaid an unsecured loan of Rs. 1,745 crores to Reliance Capital Limited (Respondent) before the commencement of the Corporate Insolvency Resolution Process (CIRP). Additionally, the Corporate Debtor made interest payments of Rs. 52.98 crores on the unsecured loan. These payments, totaling Rs. 1797.98 crores, were made in multiple tranches between May 15, 2016, and June 30, 2017. The Resolution Professional appointed Grant Thornton India LLP as auditors, who identified these
…Grant Thornton India LLP submitted an interim…
Grant Thornton India LLP submitted a final…