In the matter of Richa Lifespace Private Limited Cp(Ib) No. 1145-MB-C-IV-2020
Case brief
What is this about?
The National Company Law Tribunal admitted an application filed by Muthoot Fincorp Limited under Section 7 of the I&B Code against Richa Lifespace Private Limited. The court found a default in payment of financial debt exceeding one crore rupees and initiated the Corporate Insolvency Resolution Process.
What did the court decide?
The application for initiating Corporate Insolvency Resolution Process is admitted. A moratorium under Section 14 is declared.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP(IB) No. 1145/MB/C-IV/2020
Under Section 7 of the I&B Code, 2016
In the matter of:
Muthoot Fincorp Limited
[CIN: U65929KL1997PLC011518]
…Financial Creditor/Applicant
V/s
Richa Lifespace Private Limited
[CIN: U4520MH2015PTC268734]
...Corporate Debtor/Respondent Order Dated: 10.03.2022
Coram:
Mr. Rajesh Sharma Mrs. Suchitra Kanuparthi Hon’ble Member (Technical) Hon’ble Member (Judicial)
Issues for consideration
2 issues framed by the court
Whether an application for initiating Corporate Insolvency Resolution Process under Section 7 of the I&B Code is maintainable.
Whether the existence of default and admissibility of the petition require validation of the financial debt.
Parties & counsel
- applicant
Muthoot Fincorp Limited
- respondent
Richa Lifespace Private Limited
Coram
Rajesh Sharma
Case details
As recorded by the court registry
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