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Ruby Mills updates on pending litigations and disputes

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Ruby Mills updates on pending litigations and disputes

New Delhi, Jan 11 (Ajit Weekly News) Ruby Mills has made a disclosure on January 5 regarding the company petition filed by Shreem Corporation Pvt. Ltd., (through its Resolution Professional), formerly known as Rajput Retail Limited (RRL) against the company concerning disputes between and the Promoters/Directors of RRL and State Bank of India (SBI/ Bank).

“The Company Petition C.P. (IB) 236/2022 was listed on 22.12.2023 for compliance on the deposit by SBI of Rs 22.50 crore for having made with RP. SBI on 22.12.2023 confirmed the deposit of Rs 22.50 crore. In view of the payment made to RP by SBI, NCLT has disposed of the Company petition along with the Company’s IA 1002/2022. The case status of the Company Petition as available on the website of the Ld. NCLT also reflects the above position,” Ruby Mills said in a regulatory filing.

In an earlier stock exchange filing on December 22, 2023, Ruby Mills said: “In accordance with Regulation 30 of the Listing Regulations, this is to notify that after the decision of the Supreme Court dated September 12, 2023, the hearing before the National Company Law Tribunal (hereafter referred to as NCLT) resumed. Out of the claim of Rs 101 crore, the sum of Rs 78.59 crore was paid to the account to the RP of Shreem Corporation by the Company. Thereafter, the Ld. NCLT vide order dated 15th December, 2023 has rejected the objections raised by SBI and the Resolution Professional and has held that the Rs. 22.50 crores held by SBI in its No Lien Account belongs to Ruby Mills.”

“The Ld. NCLT further directed SBI to transfer the above-mentioned amount of Rs 22.50 crore to the Resolution Professional of Shreem Corporation Limited within two working days of the order dated 15/12/2023 being made available and there upon kept the matter on 22/12/2023 for compliance. At the hearing held today ie 22nd December, 2023, the advocates representing SBI made a statement before the Ld. NCLT confirms that the amount of Rs 22.50 crore has been remitted to the Resolution Professional of Shreem Corporation Ltd,” the filing said.

“In view of the above, the sum of Rs 101 crore has been paid by Ruby Mills the Resolution Professional of Shreem Corporation Ltd. and accordingly disposed of the Interim Application filed by the Company & the Company Petition filed by Shreem Corporation through the RP,” the filing said.

–Ajit Weekly News

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