Tata Capital Financial Services Limited (Petitioner) extended financial assistance to Neel Motors LLP (Respondent No. 1), with Respondent Nos. 2-5 acting as guarantors. The Petitioner initiated a Section 9 Arbitration Petition in 2021 and also a Corporate Insolvency Resolution Process (CIRP) against Respondent No. 1, which subsequently failed, leading to its liquidation. Following this, the Petitioner filed Section 95 IBC proceedings against the personal guarantors (Respondent Nos. 2, 3, 4), which triggered an interim moratorium under Section 96 of the IBC, preventing further proceedings against them.
The Petitioner's name has been changed to Tata Capital Limited due to a scheme of arrangement involving the Petitioner and other companies.
The Petitioner extended financial assistance to Respondent No. 1 (Neel Motors LLP) through a Channel Finance Agreement.
Respondent Nos. 2, 3, 4 (individuals) and Respondent No. 5 (Shah Autolinks LLP) are guarantors for Respondent No. 1.
The Letters of Guarantee contain an arbitration clause with the seat of arbitration in Mumbai.
The Petitioner filed a Commercial Arbitration Petition under Section 9 of the Arbitration and Conciliation Act, 1996, in 2021.
The Petitioner also initiated Corporate Insolvency Resolution Process (CIRP) against Respondent No. 1 in 2021, leading to a moratorium under Section 14 of the IBC.
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Commercial Arbitration Petition No. 620 of 2021…
Tata Capital Financial Services Limited…
Tata Capital Financial Services Limited (Petitioner) extended financial assistance to Neel Motors LLP (Respondent No. 1), with Respondent Nos. 2-5 acting as guarantors. The Petitioner initiated a Section 9 Arbitration Petition in 2021 and also a Corporate Insolvency Resolution Process (CIRP) against Respondent No. 1, which subsequently failed, leading to its liquidation. Following this, the Petitioner filed Section 95 IBC proceedings against the personal guarantors (Respondent Nos. 2, 3, 4), which triggered an interim moratorium under Section 96 of the IBC, preventing further proceedings against them.
The Petitioner's name has been changed to Tata Capital Limited due to a scheme of arrangement involving the Petitioner and other companies.
The Petitioner extended financial assistance to Respondent No. 1 (Neel Motors LLP) through a Channel Finance Agreement.
Respondent Nos. 2, 3, 4 (individuals) and Respondent No. 5 (Shah Autolinks LLP) are guarantors for Respondent No. 1.
The Letters of Guarantee contain an arbitration clause with the seat of arbitration in Mumbai.
The Petitioner filed a Commercial Arbitration Petition under Section 9 of the Arbitration and Conciliation Act, 1996, in 2021.
The Petitioner also initiated Corporate Insolvency Resolution Process (CIRP) against Respondent No. 1 in 2021, leading to a moratorium under Section 14 of the IBC.
…Commercial Arbitration Petition No. 620 of 2021…
Tata Capital Financial Services Limited…