Rishima SA Investments LLC (Mauritius) filed an application to intervene in the Company Petition No. (IB)/2(KB)/2021 filed by Ahluwalia Contracts (India) Limited against Srishti Infrastructure Development Corporation Limited. Rishima sought impleadment, dismissal of the company petition, imposition of costs on the operational creditor and corporate debtor, fair treatment in the resolution plan, and a stay of the company petition. Rishima claimed crystallized rights against Srishti under two arbitral awards and alleged collusion between Ahluwalia and Srishti to frustrate Rishima's rights. Rishima had invested in Sarga Hotel Pvt. Ltd. (SHPL), a special purpose vehicle of Srishti, and invoked arbitration due to disputes. SHPL was previously admitted into CIRP through a
…Rishima SA Investments LLC (Mauritius) sought to intervene in a Company Petition (CP(IB) No. 2/KB/2021) initiated by Ahluwalia Contracts (India) Limited against Srishti Infrastructure Development Corporation Limited. Rishima claimed it held crystallized rights against Srishti based on two arbitral awards from Singapore. These awards, totaling approximately Rs. 894 Crores as of 30.09.2021, were under enforcement in the Delhi High Court. Rishima alleged that the Company Petition was filed collusively by Ahluwalia and Srishti to frustrate Rishima's rights under the arbitral awards. Rishima had invested in Sarga Hotel Pvt. Ltd. (SHPL), a special purpose vehicle of Srishti, through a Share Subscription and Shareholder's Agreement (SSHA). Disputes arose, leading Rishima to
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Rishima SA Investments LLC (Mauritius) filed an application to intervene in the Company Petition No. (IB)/2(KB)/2021 filed by Ahluwalia Contracts (India) Limited against Srishti Infrastructure Development Corporation Limited. Rishima sought impleadment, dismissal of the company petition, imposition of costs on the operational creditor and corporate debtor, fair treatment in the resolution plan, and a stay of the company petition. Rishima claimed crystallized rights against Srishti under two arbitral awards and alleged collusion between Ahluwalia and Srishti to frustrate Rishima's rights. Rishima had invested in Sarga Hotel Pvt. Ltd. (SHPL), a special purpose vehicle of Srishti, and invoked arbitration due to disputes. SHPL was previously admitted into CIRP through a
…Rishima SA Investments LLC (Mauritius) sought to intervene in a Company Petition (CP(IB) No. 2/KB/2021) initiated by Ahluwalia Contracts (India) Limited against Srishti Infrastructure Development Corporation Limited. Rishima claimed it held crystallized rights against Srishti based on two arbitral awards from Singapore. These awards, totaling approximately Rs. 894 Crores as of 30.09.2021, were under enforcement in the Delhi High Court. Rishima alleged that the Company Petition was filed collusively by Ahluwalia and Srishti to frustrate Rishima's rights under the arbitral awards. Rishima had invested in Sarga Hotel Pvt. Ltd. (SHPL), a special purpose vehicle of Srishti, through a Share Subscription and Shareholder's Agreement (SSHA). Disputes arose, leading Rishima to
…Hearing held…
Order pronoun…