MUMBAI BENCH, COURT V

Application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 And Rule 11 of NCLT

Rules, 2016

Filed by

Meeti Developers Private Limited

…Applicant

vs.

Edelweiss Asset Reconstruction Co. Ltd.

…. Respondent

In the matter of

Edelweiss Asset Reconstruction Co. Limited

…Petitioner/Financial Creditor

vs.

Meeti Developers Private Limited

…Corporate Debtor

Order Dated: 05.04.2024

Coram

Hon’ble Reeta Kohli, Member (Judicial)

Hon’ble Madhu Sinha, Member (Technical)

Appearances (PH)

For the Applicant: Senior Adv. Mr. Gaurav Joshi

For the Respondent: Adv. Amir Arsiwala

ORDER

1. The above Interlocutory Application Number 5704 OF 2023 is preferred by Meeti Developers Private Limited (hereinafter referred to as the “Applicant”) seeking direction against Edelweiss Asset Reconstruction Company Limited (hereinafter referred to as the “Respondent”) under Section 65 of the Insolvency and Bankruptcy Code, 2016 And Rule 41 R/W Rule 11 of NCLT Rules, 2016 (hereinafter called as “the Code”), praying for following reliefs:

a. To impose maximum penalty of Rs.1,00,00,000/- (Rupees One Crore Only) on the Financial Creditor who have acted in violation of Section 65 of IBC.

b. To dismiss the present