The case involves multiple Interlocutory Applications (I.A.s) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The applications were filed before the National Company Law Tribunal (NCLT), Bengaluru Bench. The I.A.s include requests for withdrawal of applications, substitution of respondents, and directions for payment of unpaid Insolvency Resolution Process costs.
M/s. Moonbeam Advisory Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Sammrudhi Reality Ltd. Several Interlocutory Applications (I.A.s) were filed during the CIRP. The Liquidator sought to withdraw certain I.A.s and substitute respondents in others. India Bulls Asset Reconstruction Company Limited assigned its subject debts to Assets Care and Reconstruction Enterprise Ltd (ACRE). The erstwhile Resolution Professional (RP) of Sammrudhi Reality Ltd sought directions for payment of unpaid Insolvency Resolution Process costs amounting to Rs.2,30,30,622/-. The Liquidator confirmed that the unpaid CIRP cost shall be paid from the proceeds of the sale and shall be paid on priority in terms of the waterfall mechanism provided under Section 53
…Sign in to view the parties.
Order delive…
I.A No. 25 of 2021, I.A…
The case involves multiple Interlocutory Applications (I.A.s) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The applications were filed before the National Company Law Tribunal (NCLT), Bengaluru Bench. The I.A.s include requests for withdrawal of applications, substitution of respondents, and directions for payment of unpaid Insolvency Resolution Process costs.
M/s. Moonbeam Advisory Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Sammrudhi Reality Ltd. Several Interlocutory Applications (I.A.s) were filed during the CIRP. The Liquidator sought to withdraw certain I.A.s and substitute respondents in others. India Bulls Asset Reconstruction Company Limited assigned its subject debts to Assets Care and Reconstruction Enterprise Ltd (ACRE). The erstwhile Resolution Professional (RP) of Sammrudhi Reality Ltd sought directions for payment of unpaid Insolvency Resolution Process costs amounting to Rs.2,30,30,622/-. The Liquidator confirmed that the unpaid CIRP cost shall be paid from the proceeds of the sale and shall be paid on priority in terms of the waterfall mechanism provided under Section 53
…Order delive…
I.A No. 25 of 2021, I.A…