The case involves an application filed by Pratiti Trading Private Limited (Financial Creditor) to restore a Main Application (CP (IB) No.305/MB/2020) that was dismissed for default. The Main Application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against RRB Realtors Private Limited (Corporate Debtor) for defaulting on a debt of Rs.3,99,20,000/-. The Main Application was initially pending before Bench-II and was later transferred to the current Bench. The Financial Creditor's counsel relinquished engagement, leading to the dismissal of the Main Application due to non-appearance.
Pratiti Trading Private Limited (Financial Creditor) filed CP (IB) No.305/MB/2020 against RRB Realtors Private Limited (Corporate Debtor) under Section 7 of the IBC, seeking to initiate CIRP due to a default of Rs.3,99,20,000/-. The Main Application was dismissed for default because the Financial Creditor's counsel had relinquished engagement on 04.01.2024, and no one appeared on behalf of the Financial Creditor on 11.01.2024. The Financial Creditor then filed a restoration application, arguing that the default was not intentional as they were in the process of engaging new counsel. The Corporate Debtor objected to the restoration but submitted that the Bench may exercise its discretion. The restoration application was filed on 10.02.2024 and heard on 04.06.2024.
Sign in to view the parties.
CP (IB) No.305/MB/2020 filed by Pratiti…
The Main Application was heard for the first…
The case involves an application filed by Pratiti Trading Private Limited (Financial Creditor) to restore a Main Application (CP (IB) No.305/MB/2020) that was dismissed for default. The Main Application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against RRB Realtors Private Limited (Corporate Debtor) for defaulting on a debt of Rs.3,99,20,000/-. The Main Application was initially pending before Bench-II and was later transferred to the current Bench. The Financial Creditor's counsel relinquished engagement, leading to the dismissal of the Main Application due to non-appearance.
Pratiti Trading Private Limited (Financial Creditor) filed CP (IB) No.305/MB/2020 against RRB Realtors Private Limited (Corporate Debtor) under Section 7 of the IBC, seeking to initiate CIRP due to a default of Rs.3,99,20,000/-. The Main Application was dismissed for default because the Financial Creditor's counsel had relinquished engagement on 04.01.2024, and no one appeared on behalf of the Financial Creditor on 11.01.2024. The Financial Creditor then filed a restoration application, arguing that the default was not intentional as they were in the process of engaging new counsel. The Corporate Debtor objected to the restoration but submitted that the Bench may exercise its discretion. The restoration application was filed on 10.02.2024 and heard on 04.06.2024.
CP (IB) No.305/MB/2020 filed by Pratiti…
The Main Application was heard for the first…