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ARTICLE · 01 MARCH 2023

Restructuring & Insolvency Monthly Update | February 2023

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Rajesh Landmark Projects Pvt Ltd (Corporate Debtor/Appellant) had issued debentures to IREP Credit Capital Pvt Ltd (Financial Creditor). On December 20, 2019, a Petition under Section 7...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy
Avishek Roy
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Priyal Kantilal Patel v. IREP Credit Capital Pvt Ltd & Anr

National Company Law Appellate Tribunal, Principal Bench, New Delhi | Judgment dated February 01, 2023 | Company Appeal (AT) (Insolvency) No. 1423 of 2022

Background facts

  • Rajesh Landmark Projects Pvt Ltd (Corporate Debtor/Appellant) had issued debentures to IREP Credit Capital Pvt Ltd (Financial Creditor). On December 20, 2019, a Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by the Financial Creditor against the Corporate Debtor seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
  • Subsequently, consent terms were entered between the parties with other stakeholders, as per which the Financial Creditor agreed to withdraw the Petition. However, in the event of default of the consent terms, the Financial Creditor was at liberty to revive the Section 7 Petition.

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