Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021) under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bhumiraj Builders Private Limited. During the proceedings, the parties entered into a Restructuring Agreement dated 4th November 2023, and the Company Petition was withdrawn with liberty to revive it in case of default by the Corporate Debtor.
Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021) against Bhumiraj Builders Private Limited under Section 7 of IBC.
The parties entered into a Restructuring Agreement dated 4th November 2023, leading to the withdrawal of the Company Petition with liberty to revive.
Bhumiraj Builders Private Limited defaulted on the terms of the Restructuring Agreement.
Edelweiss Asset Reconstruction Company Limited filed a Restoration Application to revive the original Company Petition.
The Respondent argued that there is no provision for revival and restoration of Company Petition under the Insolvency and Bankruptcy Code, 2016.
The Tribunal considered Rule 11 of the NCLT Rules, 2016, regarding the inherent powers of the Tribunal.
…Sign in to view the parties.
Edelweiss Asset Reconstruction Company Limited…
The parties entered…
Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021) under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bhumiraj Builders Private Limited. During the proceedings, the parties entered into a Restructuring Agreement dated 4th November 2023, and the Company Petition was withdrawn with liberty to revive it in case of default by the Corporate Debtor.
Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021) against Bhumiraj Builders Private Limited under Section 7 of IBC.
The parties entered into a Restructuring Agreement dated 4th November 2023, leading to the withdrawal of the Company Petition with liberty to revive.
Bhumiraj Builders Private Limited defaulted on the terms of the Restructuring Agreement.
Edelweiss Asset Reconstruction Company Limited filed a Restoration Application to revive the original Company Petition.
The Respondent argued that there is no provision for revival and restoration of Company Petition under the Insolvency and Bankruptcy Code, 2016.
The Tribunal considered Rule 11 of the NCLT Rules, 2016, regarding the inherent powers of the Tribunal.
…Edelweiss Asset Reconstruction Company Limited…
The parties entered…