ICICI Bank filed an appeal against the order of the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, which capped the liability of the guarantor (Respondent No. 1) to Rs. 25 crore under a Guarantee Deed.
ICICI Bank extended credit facility to Ushdev International Ltd. on 24.12.2014.
Ushdev Engitech Ltd. issued a Corporate Guarantee in favor of ICICI Bank for the loan facility advanced to UIL on 10.08.2016.
ICICI Bank invoked the Corporate Guarantee on 16.10.2017 due to UIL's failure to repay outstanding dues.
ICICI Bank filed an insolvency application against UEL, which was admitted on 26.04.2023.
Seeta Neeraj Shah, Ex-Director of UEL, filed a Writ Petition before the Delhi High Court to decide on the revised claim of Rs 67.98 Cr. submitted by ICICI Bank.
The Delhi High Court directed the Adjudicating Authority to decide on the issue of the claim amount, leading to IA No. 4194 filed by Respondent No.1 seeking a declaration that the liability of UEL be capped at Rs 25 Cr.
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Date of the Impugned Order passed by the…
Date of the Judgement by the National Company…
ICICI Bank filed an appeal against the order of the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, which capped the liability of the guarantor (Respondent No. 1) to Rs. 25 crore under a Guarantee Deed.
ICICI Bank extended credit facility to Ushdev International Ltd. on 24.12.2014.
Ushdev Engitech Ltd. issued a Corporate Guarantee in favor of ICICI Bank for the loan facility advanced to UIL on 10.08.2016.
ICICI Bank invoked the Corporate Guarantee on 16.10.2017 due to UIL's failure to repay outstanding dues.
ICICI Bank filed an insolvency application against UEL, which was admitted on 26.04.2023.
Seeta Neeraj Shah, Ex-Director of UEL, filed a Writ Petition before the Delhi High Court to decide on the revised claim of Rs 67.98 Cr. submitted by ICICI Bank.
The Delhi High Court directed the Adjudicating Authority to decide on the issue of the claim amount, leading to IA No. 4194 filed by Respondent No.1 seeking a declaration that the liability of UEL be capped at Rs 25 Cr.
…Date of the Impugned Order passed by the…
Date of the Judgement by the National Company…