This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Kolkata Bench, regarding the admission of claims by financial creditors in a Corporate Insolvency Resolution Process (CIRP) initiated against RDH Technologies Private Limited. The appellant, a financial creditor, objected to the inclusion of claims by Oriental Bank of Commerce (OBC, now Punjab National Bank) and India Bulls Housing Finance Ltd. in the Committee of Creditors (COC), arguing that these claims were based on corporate guarantees extended by the corporate debtor for third-party debts and did not qualify as financial debt under the Insolvency and Bankruptcy Code (IBC). The appellant contended that OBC's claim should be reduced to the extent it was based on
…Ascot Realty Private Limited, the appellant, filed an appeal against an order dated June 9, 2020, passed by the National Company Law Tribunal (NCLT), Kolkata Bench. The CIRP was initiated against RDH Technologies Private Limited (Corporate Debtor). The appellant, a financial creditor, filed a claim before the Resolution Professional (RP). The RP admitted claims from Oriental Bank of Commerce (OBC, now Punjab National Bank) and India Bulls Housing Finance Ltd. The appellant objected to the inclusion of OBC's claim, arguing that a portion of it was based on corporate guarantees extended by the Corporate Debtor for third-party debts. The appellant also objected to the inclusion of India Bulls' claim, arguing that it was also based on a corporate guarantee. The appellant
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Order passed by the…
CP(IB) No.1671…
This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Kolkata Bench, regarding the admission of claims by financial creditors in a Corporate Insolvency Resolution Process (CIRP) initiated against RDH Technologies Private Limited. The appellant, a financial creditor, objected to the inclusion of claims by Oriental Bank of Commerce (OBC, now Punjab National Bank) and India Bulls Housing Finance Ltd. in the Committee of Creditors (COC), arguing that these claims were based on corporate guarantees extended by the corporate debtor for third-party debts and did not qualify as financial debt under the Insolvency and Bankruptcy Code (IBC). The appellant contended that OBC's claim should be reduced to the extent it was based on
…Ascot Realty Private Limited, the appellant, filed an appeal against an order dated June 9, 2020, passed by the National Company Law Tribunal (NCLT), Kolkata Bench. The CIRP was initiated against RDH Technologies Private Limited (Corporate Debtor). The appellant, a financial creditor, filed a claim before the Resolution Professional (RP). The RP admitted claims from Oriental Bank of Commerce (OBC, now Punjab National Bank) and India Bulls Housing Finance Ltd. The appellant objected to the inclusion of OBC's claim, arguing that a portion of it was based on corporate guarantees extended by the Corporate Debtor for third-party debts. The appellant also objected to the inclusion of India Bulls' claim, arguing that it was also based on a corporate guarantee. The appellant
…Order passed by the…
CP(IB) No.1671…