Asset Reconstruction Company (India) Limited filed IA No. 1161/2022 in CP No. 4359/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions related to pledged shares of M/s. Vijay Group Realty LLP (Corporate Debtor). The applicant sought permission to intervene, exclusion of pledged shares from the resolution plan, exemption from moratorium, and directions to the CoC and RP.
L&T Housing Finance Limited and L&T Finance Limited granted financial assistance to Vijay Group Housing Private Limited (Borrower).
M/s Vijay Group Realty LLP (Corporate Debtor) holds 95% of the equity shares in the Borrower and pledged these shares to Vistra ITCL (India) Limited (Security Trustee).
The Lenders assigned their financial assistance to Asset Reconstruction Company (India) Limited (Applicant).
The Borrower defaulted, leading the Applicant to declare the account as NPA and issue recall notices.
The Corporate Debtor was admitted into CIRP on 04.08.2021, and a moratorium was imposed.
The Applicant filed IA 1161/2022 seeking various reliefs related to the pledged shares.
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The Corporate Debtor was admitted into CIRP vide…
The RP submitted that the shares are already…
Asset Reconstruction Company (India) Limited filed IA No. 1161/2022 in CP No. 4359/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions related to pledged shares of M/s. Vijay Group Realty LLP (Corporate Debtor). The applicant sought permission to intervene, exclusion of pledged shares from the resolution plan, exemption from moratorium, and directions to the CoC and RP.
L&T Housing Finance Limited and L&T Finance Limited granted financial assistance to Vijay Group Housing Private Limited (Borrower).
M/s Vijay Group Realty LLP (Corporate Debtor) holds 95% of the equity shares in the Borrower and pledged these shares to Vistra ITCL (India) Limited (Security Trustee).
The Lenders assigned their financial assistance to Asset Reconstruction Company (India) Limited (Applicant).
The Borrower defaulted, leading the Applicant to declare the account as NPA and issue recall notices.
The Corporate Debtor was admitted into CIRP on 04.08.2021, and a moratorium was imposed.
The Applicant filed IA 1161/2022 seeking various reliefs related to the pledged shares.
…The Corporate Debtor was admitted into CIRP vide…
The RP submitted that the shares are already…