CIRP Initiated Against Corporate Debtor Despite COVID-19 Financial Hardship

Prudent ARC Limited Vs Rbep Entertainment Private Limited (NCLT Mumbai) National Company Law Tribunal (NCLT), Mumbai Bench, admitted a petition filed by Prudent ARC Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against RBEP Entertainment Private Limited. The case originated from a loan of Rs. 40 crore granted by Central Bank of India (Original Lender) to RBEP Entertainment, which defaulted on repayment. The total outstanding amount, including interest, was Rs. 56.19 crore as of July 2022. The petition was...