The appellant, Bizloan Private Limited, a financial creditor, provided credit facilities to Autocop (India) Private Limited (corporate debtor) through sales bill discounting. During the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation, the appellant was classified as an unsecured creditor instead of a secured financial creditor by the Adjudicating Authority, despite having registered its charge with CERSAI. The appellant filed an application seeking reclassification as a secured financial creditor, which was rejected, leading to this appeal.
Bizloan Private Limited, the appellant, acted as a financial creditor to Autocop (India) Private Limited, the corporate debtor, by providing credit facilities totaling Rs. 1 Crore through sales bill discounting and purchase bill discounting. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor by the Adjudicating Authority on March 16, 2022. Subsequently, the Interim Resolution Professional (IRP) published Form-A on March 24, 2022, and the appellant filed its claims in Form C on April 4, 2022, which were admitted in full by the Resolution Professional without specifying whether they were secured or unsecured.
…Corporate Insolvency Resolution Process (CIRP)…
Interim Reso…
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The appellant, Bizloan Private Limited, a financial creditor, provided credit facilities to Autocop (India) Private Limited (corporate debtor) through sales bill discounting. During the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation, the appellant was classified as an unsecured creditor instead of a secured financial creditor by the Adjudicating Authority, despite having registered its charge with CERSAI. The appellant filed an application seeking reclassification as a secured financial creditor, which was rejected, leading to this appeal.
Bizloan Private Limited, the appellant, acted as a financial creditor to Autocop (India) Private Limited, the corporate debtor, by providing credit facilities totaling Rs. 1 Crore through sales bill discounting and purchase bill discounting. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor by the Adjudicating Authority on March 16, 2022. Subsequently, the Interim Resolution Professional (IRP) published Form-A on March 24, 2022, and the appellant filed its claims in Form C on April 4, 2022, which were admitted in full by the Resolution Professional without specifying whether they were secured or unsecured.
…Corporate Insolvency Resolution Process (CIRP)…
Interim Reso…
Sign in to view related legal provisions.