This appeal was filed by 9M Corporation against an order passed by the Adjudicating Authority/National Company Law Tribunal, Jaipur Bench, regarding the constitution of the Committee of Creditors (CoC) in the Corporate Insolvency Resolution Process (CIRP) of Bohra Pratisthan Private Limited (BPPL). The appellant challenged the inclusion of STCI Finance Limited as a financial creditor in the CoC, arguing that STCI Finance Ltd.'s claim was based on a corporate guarantee provided by BPPL for a loan to Bohra Industries Limited (BIL), and not a direct disbursal to BPPL. The appellant contended that STCI Finance Ltd. should not be considered a financial creditor under Section 5(7) and 5(8) of the Insolvency and Bankruptcy Code (IBC).
9M Corporation, a proprietorship concern, filed an application under Section 7 of the IBC against Bohra Pratisthan Private Limited (BPPL), the Corporate Debtor. The application was admitted, and a Committee of Creditors (CoC) was constituted. 9M Corporation held 6.11% of the voting share in the CoC. STCI Finance Limited, Respondent No. 2, filed a claim based on a debtor-creditor relationship arising from a guarantee given by BPPL for a loan of Rs. 24 crores sanctioned by STCI Finance Ltd. to Bohra Industries Limited (BIL), a group concern of BPPL. STCI Finance Limited held 75.90% of the voting share in the CoC. Phosphate India Private Limited, Respondent No. 3, held 17.99% of the voting share in the CoC. The Appellant challenged the inclusion of STCI Finance Limited as
…Sign in to view the parties.
Proceedings initiated…
Order of admission passed on the Section 7…
This appeal was filed by 9M Corporation against an order passed by the Adjudicating Authority/National Company Law Tribunal, Jaipur Bench, regarding the constitution of the Committee of Creditors (CoC) in the Corporate Insolvency Resolution Process (CIRP) of Bohra Pratisthan Private Limited (BPPL). The appellant challenged the inclusion of STCI Finance Limited as a financial creditor in the CoC, arguing that STCI Finance Ltd.'s claim was based on a corporate guarantee provided by BPPL for a loan to Bohra Industries Limited (BIL), and not a direct disbursal to BPPL. The appellant contended that STCI Finance Ltd. should not be considered a financial creditor under Section 5(7) and 5(8) of the Insolvency and Bankruptcy Code (IBC).
9M Corporation, a proprietorship concern, filed an application under Section 7 of the IBC against Bohra Pratisthan Private Limited (BPPL), the Corporate Debtor. The application was admitted, and a Committee of Creditors (CoC) was constituted. 9M Corporation held 6.11% of the voting share in the CoC. STCI Finance Limited, Respondent No. 2, filed a claim based on a debtor-creditor relationship arising from a guarantee given by BPPL for a loan of Rs. 24 crores sanctioned by STCI Finance Ltd. to Bohra Industries Limited (BIL), a group concern of BPPL. STCI Finance Limited held 75.90% of the voting share in the CoC. Phosphate India Private Limited, Respondent No. 3, held 17.99% of the voting share in the CoC. The Appellant challenged the inclusion of STCI Finance Limited as
…Proceedings initiated…
Order of admission passed on the Section 7…