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. The Financial Creditor's counsel relinquished engagement, leading to the dismissal for default on 11.01.2024.
Pratiti Trading Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RRB Realtors Private Limited, the Corporate Debtor, 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 the Financial Creditor was unrepresented on 11.01.2024. The Financial Creditor then filed a restoration application, arguing that the absence was not intentional as they were in the process of engaging new counsel. The Corporate Debtor, though represented, objected to the restoration but conceded to the Bench's discretion. The restoration
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The Main Application (CP (IB)…
The Main Application…
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. The Financial Creditor's counsel relinquished engagement, leading to the dismissal for default on 11.01.2024.
Pratiti Trading Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RRB Realtors Private Limited, the Corporate Debtor, 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 the Financial Creditor was unrepresented on 11.01.2024. The Financial Creditor then filed a restoration application, arguing that the absence was not intentional as they were in the process of engaging new counsel. The Corporate Debtor, though represented, objected to the restoration but conceded to the Bench's discretion. The restoration
…The Main Application (CP (IB)…
The Main Application…