Union Bank of India, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Rashmi Realty Builders Private Limited, the Corporate Debtor (CD), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The FC claimed a default of Rs. 60,97,67,085/- as of 31.12.2025, with the date of default stated as 31.12.2016. The CD raised objections, primarily arguing that the application was time-barred and that any CIRP should be project-specific, not against the entire corporate entity. The CD also filed an Interlocutory Application (IA) under Section 65 of the IBC, alleging that the FC initiated the proceedings with malicious intent.
CP(IB) No. 1119 of 2025 was filed on 12.09.2025 by Union Bank of India (Financial Creditor) against Rashmi Realty Builders Private Limited (Corporate Debtor).
The application was filed under Section 7 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
The amount claimed to be in default is Rs. 60,97,67,085/- as on 31.12.2025.
The date of default is stated to be 31.12.2016.
Mrs. Archana J.S., Chief Manager of Union Bank of India, affirmed the application.
Mr. Purusottam Behera was proposed as the Interim Resolution Professional (IRP).
Union Bank of India sanctioned a Working Capital Term Loan (WCTL) of Rs. 32 Crores for the project 'Rashmi Starcity Phase II and III' on 29.01.2014.
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Union Bank of India sanctioned a Working…
A Registered Indenture of Mortgage was executed…
Union Bank of India, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Rashmi Realty Builders Private Limited, the Corporate Debtor (CD), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The FC claimed a default of Rs. 60,97,67,085/- as of 31.12.2025, with the date of default stated as 31.12.2016. The CD raised objections, primarily arguing that the application was time-barred and that any CIRP should be project-specific, not against the entire corporate entity. The CD also filed an Interlocutory Application (IA) under Section 65 of the IBC, alleging that the FC initiated the proceedings with malicious intent.
CP(IB) No. 1119 of 2025 was filed on 12.09.2025 by Union Bank of India (Financial Creditor) against Rashmi Realty Builders Private Limited (Corporate Debtor).
The application was filed under Section 7 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
The amount claimed to be in default is Rs. 60,97,67,085/- as on 31.12.2025.
The date of default is stated to be 31.12.2016.
Mrs. Archana J.S., Chief Manager of Union Bank of India, affirmed the application.
Mr. Purusottam Behera was proposed as the Interim Resolution Professional (IRP).
Union Bank of India sanctioned a Working Capital Term Loan (WCTL) of Rs. 32 Crores for the project 'Rashmi Starcity Phase II and III' on 29.01.2014.
…Union Bank of India sanctioned a Working…
A Registered Indenture of Mortgage was executed…