ASK Investment Managers Limited vs Real Value Promoters Private Limited

Per: SAMEER KAKAR, MEMBER (TECHNICAL)

This application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (in short “IBC”) read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by ASK Investment Managers Limited (herein referred to as "Financial Creditor") against Real Value Promoters Private Limited (hereinafter referred to as "Corporate Debtor") for initiating Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor.

Heard Learned Counsel for both sides and perused the documents filed by the parties. In the instant case, the Financial Creditor has claimed the total amount of Rs.229,04,09,761/- as outstanding which is due and payable by the Corporate Debtor.

An Application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by another Operational Creditor vide IBA/577/2020, which has been admitted by this Tribunal vide order dated 10.05.2023. The Corporate Insolvency Resolution Process (CIRP) has been initiated against the Corporate Debtor and one Mr.Mahalingam Suresh Kumar, with [IBBI/IPA-001/IP-P00110/2017-2018/10217] (E-mail ID:- msureshkumar @icai.org) has been appointed as Interim Resolution Professional (IRP). Under the circumstances, we direct the Financial Creditor to file a claim as made in this Application before the above-said IRP within the time limit as specified under the provisions of the IBC, 2016. Upon filing the claim by the Financial Creditor, the Interim Resolution Professional shall consider the claim on merits and in accordance with the IBC, 2016 and other applicable laws. In case the CIRP initiated in IBA/577/2020 is withdrawn by concerned parties under Section 12A of IBC, 2016, Applicant would be at liberty to restore this application.

With the above directions, this Application stands disposed of.