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NATIONAL COMPANY LAW TRIBUNAL
SHRI JYOTI KUMAR TRIPATHI, SHRI RAVICHANDRAN RAMASAMY, JJ
M/S. VINAY ASRANI (HUF) – Appellant
Versus
RAJKHAM BUILDERS PRIVATE LIMITED – Respondent
| Table of Content |
|---|
| 1. overview of the corporate debtor and loans (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 19 , 20) |
| 2. corporate debtor's defense on loan specifics (Para 22 , 23 , 24 , 25 , 26 , 27 , 28) |
| 3. maintainability objections and alleged fraud (Para 31 , 32 , 33 , 34 , 35 , 36) |
| 4. criteria for granting insolvency petitions (Para 54 , 55 , 57 , 58) |
| 5. substance of the loan agreements (Para 60 , 61 , 62 , 63 , 64) |
| 6. adjudication standards in insolvency petitions (Para 66 , 67 , 68) |
| 7. the court's preference for resolution over recovery (Para 78 , 79 , 80) |
| 8. legal framework for dismissal of the petition (Para 81 , 82 , 83 , 84) |
| 9. conclusion and order for dismissal (Para 86) |
ORDER
(Hearing conducted through Hybrid Mode)
1. This Petition has been jointly filed under Section 7 of Insolvency and Bankruptcy Code, 2016 by two HUF’s namely, M/S. VINAY ASRANI HUF & M/S DAMODAR HARIRAM HUF (hereinafter referred to as ‘Financial Creditors/ FCs’ seeking to initiate Corporate Insolvency Resolution Process against RAJKHAM BUILDERS PRIVATE LIMITED (hereinafter referred to as ’Corporate Debtor’/ CD).
Petitioner Submissions
2. In Part-I of the Petition it is averred that Petitioners/ Financial Creditors nam
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