Rajasthan Financial Corporation filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Ruby Buildestates Private Limited, the Corporate Debtor, due to a default in payment of Rs. 20,06,36,348/-. The Financial Creditor had sanctioned loans to the Corporate Debtor in 2008 and 2009. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue a legal notice in 2010 and take possession of the mortgaged property. Subsequent auction attempts were stayed by the Rajasthan High Court due to writ petitions filed by flat purchasers. The Applicant filed applications seeking vacation of the stay order. The Corporate Debtor submitted settlement
…Rajasthan Financial Corporation (RFC) sanctioned a loan of Rs. 1,25,00,000/- to M/S Ruby Buildestates Private Limited in 2008. In 2009, RFC sanctioned another loan of Rs. 2,40,00,000/- to the Corporate Debtor. The loan agreement was executed on 06.07.2009, against land measuring 5730.52 sq. mtrs. The loan was disbursed on 17.07.2009. The Corporate Debtor defaulted on repayment of the second loan. On 13.01.2010, RFC issued a legal notice demanding payment of Rs. 18,67,110/-. On 23.02.2010, RFC took possession of the mortgaged property. RFC proposed to auction the mortgaged property on 16.06.2010. The Rajasthan High Court granted an ex-parte stay order against the auction. The Applicant filed an application seeking vacation of the stay order. The High Court modified the
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Rajasthan Financial Corporation sanctioned the…
Rajasthan Financial Corporation sanctioned…
Rajasthan Financial Corporation filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Ruby Buildestates Private Limited, the Corporate Debtor, due to a default in payment of Rs. 20,06,36,348/-. The Financial Creditor had sanctioned loans to the Corporate Debtor in 2008 and 2009. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue a legal notice in 2010 and take possession of the mortgaged property. Subsequent auction attempts were stayed by the Rajasthan High Court due to writ petitions filed by flat purchasers. The Applicant filed applications seeking vacation of the stay order. The Corporate Debtor submitted settlement
…Rajasthan Financial Corporation (RFC) sanctioned a loan of Rs. 1,25,00,000/- to M/S Ruby Buildestates Private Limited in 2008. In 2009, RFC sanctioned another loan of Rs. 2,40,00,000/- to the Corporate Debtor. The loan agreement was executed on 06.07.2009, against land measuring 5730.52 sq. mtrs. The loan was disbursed on 17.07.2009. The Corporate Debtor defaulted on repayment of the second loan. On 13.01.2010, RFC issued a legal notice demanding payment of Rs. 18,67,110/-. On 23.02.2010, RFC took possession of the mortgaged property. RFC proposed to auction the mortgaged property on 16.06.2010. The Rajasthan High Court granted an ex-parte stay order against the auction. The Applicant filed an application seeking vacation of the stay order. The High Court modified the
…Rajasthan Financial Corporation sanctioned the…
Rajasthan Financial Corporation sanctioned…