The case involves three appeals related to Corporate Insolvency Resolution Processes (CIRP). Two appeals were filed by Export Import Bank of India (EXIM Bank) concerning CIRP initiated against JEKPL Private Limited. The third appeal was filed by Axis Bank Limited regarding CIRP against Edu Smart Services Private Limited. The core legal question is common to all three appeals, leading to a joint hearing and judgment.
Export Import Bank of India (EXIM Bank) had disbursed a Dollar Loan of US$ 50 Million to Jubilant Energy N.V. (JENV), a Netherlands-based company. This loan was secured by a 'Corporate Guarantee' from Jubilant Enpro Private Limited (JEPL) and a 'Counter Corporate Guarantee' from JEKPL Private Limited. EXIM Bank declared the loan as NPA on 17.05.2016 and invoked the 'Counter Corporate Guarantee' on 30.03.2017. The Resolution Professional rejected EXIM Bank's claim to be a 'Financial Creditor' in the CIRP of JEKPL.
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The Adjudicating Authority rejected the claim…
Order passed in CA No. 223/2017 in CP…
The case involves three appeals related to Corporate Insolvency Resolution Processes (CIRP). Two appeals were filed by Export Import Bank of India (EXIM Bank) concerning CIRP initiated against JEKPL Private Limited. The third appeal was filed by Axis Bank Limited regarding CIRP against Edu Smart Services Private Limited. The core legal question is common to all three appeals, leading to a joint hearing and judgment.
Export Import Bank of India (EXIM Bank) had disbursed a Dollar Loan of US$ 50 Million to Jubilant Energy N.V. (JENV), a Netherlands-based company. This loan was secured by a 'Corporate Guarantee' from Jubilant Enpro Private Limited (JEPL) and a 'Counter Corporate Guarantee' from JEKPL Private Limited. EXIM Bank declared the loan as NPA on 17.05.2016 and invoked the 'Counter Corporate Guarantee' on 30.03.2017. The Resolution Professional rejected EXIM Bank's claim to be a 'Financial Creditor' in the CIRP of JEKPL.
…The Adjudicating Authority rejected the claim…
Order passed in CA No. 223/2017 in CP…