The case involves a Restoration Application (RST.A (IBC) No. 49/MB/2024) filed in CP (IB) No. 2394/MB/2019 by Authum Investment & Infrastructure Limited, the Assignee/Applicant, seeking the restoration of the Main Application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Main Application, filed under Section 7 of the IBC, aimed to initiate Corporate Insolvency Resolution Process (CIRP) against RNA Lifestyle Private Limited (Corporate Debtor). The Main Application was initially dismissed due to the non-representation of the Assignor/Financial Creditor (Suraksha Asset Reconstruction Limited) on 14.05.2024.
The original Main Application, CP (IB) No. 2394/MB/2019, was filed under Section 7 of the IBC to initiate CIRP against RNA Lifestyle Private Limited due to a default of Rs. 50,21,99,605. The loans were originally sanctioned by Reliance Capital Limited and later demerged to Reliance Commercial Finance Limited (RCFL), which then assigned the loans to Suraksha Asset Reconstruction Limited (the original Financial Creditor). Suraksha Asset Reconstruction Limited subsequently assigned the loans to Authum Investment & Infrastructure Limited (the Assignee/Applicant) via a Deed of Assignment dated 30.03.2024. The Main Application was dismissed on 14.05.2024 due to the non-appearance of the Assignor/Financial Creditor. The Assignee/Applicant filed a Restoration Application
…Sign in to view the parties.
The Main Application under Section 7 of the…
RCFL assigned the loans…
The case involves a Restoration Application (RST.A (IBC) No. 49/MB/2024) filed in CP (IB) No. 2394/MB/2019 by Authum Investment & Infrastructure Limited, the Assignee/Applicant, seeking the restoration of the Main Application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Main Application, filed under Section 7 of the IBC, aimed to initiate Corporate Insolvency Resolution Process (CIRP) against RNA Lifestyle Private Limited (Corporate Debtor). The Main Application was initially dismissed due to the non-representation of the Assignor/Financial Creditor (Suraksha Asset Reconstruction Limited) on 14.05.2024.
The original Main Application, CP (IB) No. 2394/MB/2019, was filed under Section 7 of the IBC to initiate CIRP against RNA Lifestyle Private Limited due to a default of Rs. 50,21,99,605. The loans were originally sanctioned by Reliance Capital Limited and later demerged to Reliance Commercial Finance Limited (RCFL), which then assigned the loans to Suraksha Asset Reconstruction Limited (the original Financial Creditor). Suraksha Asset Reconstruction Limited subsequently assigned the loans to Authum Investment & Infrastructure Limited (the Assignee/Applicant) via a Deed of Assignment dated 30.03.2024. The Main Application was dismissed on 14.05.2024 due to the non-appearance of the Assignor/Financial Creditor. The Assignee/Applicant filed a Restoration Application
…The Main Application under Section 7 of the…
RCFL assigned the loans…