Rejection of claim by the Resolution Professional - The ...

Claim Rejection Upheld: No Guarantee by Corporate Debtor for Obligors' Obligations Under Debenture Trust Deed.

December 15, 2023

Case Laws Insolvency and Bankruptcy AT

Rejection of claim by the Resolution Professional - The Agreement was executed in reference to Clause 7.5(b) of the Debenture Trust Deed and the Agreement was only of for the purpose of creating additional security. The RIHPL being party to the Agreement dated 29.03.2019, the additional security as given under the Agreement can be enforced as per Clause 6 of the Agreement. Giving of additional security by Agreement dated 29.03.2019 cannot be read to mean that the Corporate Debtor has given any guarantee in reference to the secured obligations of the Obligors under the Debenture Trust Deed. - The Resolution Professional did not commit any error in refusing to admit the claim of the Appellant - AT

View Source

← Previous Next →

Rejection of claim by the Resolution Professional - The ...

Claim Rejection Upheld: No Guarantee by Corporate Debtor for Obligors' Obligations Under Debenture Trust Deed.

December 15, 2023

Case Laws Insolvency and Bankruptcy AT

You may also like:

Rejection of the simultaneous claim by the Resolution Professional of the Corporate Debtor - Claim filed by the Applicant with respect to the corporate guarantee given...

CIRP - Rejection of Section 9 Application on the ground of pre-existing dispute - The dispute stemmed from services provided by the Operational Creditor to the Corporate...

Rejection of Section 7 Application - NPA - Corporate Debtor unable to de-risk the live BGs within the time allowed - A settlement was reached between the parties, where...

IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...

Invocation of performance guarantee - CIRP proceedings - the Adjudicating Authority passed the Order that “the performance guarantee given by the bankers on behalf of...

Seeking refund of money equivalent to the Bank Guarantees invoked - What does not belong to the ‘Corporate Debtor’ cannot be sought to be refunded back to the ‘Corporate...

CIRP - Renewal of Bank Guarantee for customs duty exemption - When there is no guarantee with respect to the MPP status of the Non-Operational Units and since there are...

The Appellate Tribunal affirmed the decision to exclude the Appellant and other unsecured Financial Creditors from the Committee of Creditors (CoC). The key issues were...

Admission of Section 7 Application of the Financial Creditor - Corporate Debtor / Guarantor failed to fulfil obligations - The tribunal noted the specifics of the...

Initiation of CIRP - The corporate debtor has tried to challenge the genuinely of the corporate guarantee agreement but the same is a lame excuse. It seems that...

CIRP initiated against the Corporate Debtor terminated upon reaching full and final settlement with the Operational Creditor who filed Section 7 application. Quantum of...

TP adjustment commission on letter of credit - international transaction or not? - CIT (A) appreciated the difference between corporate guarantee and Letter of Comfort....

Validity of possession notice - guarantee given by the Corporate Debtor - As a consequence of such default, the status of the guarantor metamorphoses into a debtor or a...

Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

Asset of the ‘Corporate Debtor’ - Revocation of performance guarantee - the amount refunded on reversal of the invocation by the Indian Navy cannot be said to be an...

Quick Updates: