The case involves two appeals (356 and 358 of 2022) filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, challenging an order dated 14/03/2022 passed by the National Company Law Tribunal (NCLT), New Delhi Bench – II. The NCLT order pertained to I.A. No. 1610/2020 and I.A. No. 4130/2020 filed in C.P. (IB) No. 894/ND/2019. The Adjudicating Authority, on an application by a homebuyer, Mr. Abhinav Mukherji, held that IDBI Trusteeship Services Limited and ECL Finance Ltd. (the Appellants) are not 'Financial Creditors' and are 'Related Parties' to the 'Corporate Debtor'. The appeals were heard together due to common facts and a shared impugned order.
The Appellant/IDBI was appointed as a Debenture Trustee for debentures issued by M/s. Saha Infratech Pvt. Limited (Issuer/Principal Borrower) via a Debenture Trustee Agreement dated 18/05/2016. Mr. Abhinav Mukherjee, the first Respondent, is a homebuyer of the ‘Corporate Debtor' with a claim of Rs.2,94,43,634/-. Mr. Krit Narayan Mishra, the second Respondent, is the RP of the 'Corporate Debtor', appointed on 13/07/2021. The Appellant/M/s. ECL Finance Limited is the original Debenture Holder and executed an Assignment Agreement dated 27/03/2020, assigning financial assistance rights to Assets Care and Reconstruction Enterprise Limited (‘ACRE'). In June 2016, Saha Infratech issued 110 Non-Convertible Debentures, each with a face value of Rs.1Crore/-, totaling
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Appellant/IDBI appointed as Debenture…
Debenture Trust Deed executed amongst the…
The case involves two appeals (356 and 358 of 2022) filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, challenging an order dated 14/03/2022 passed by the National Company Law Tribunal (NCLT), New Delhi Bench – II. The NCLT order pertained to I.A. No. 1610/2020 and I.A. No. 4130/2020 filed in C.P. (IB) No. 894/ND/2019. The Adjudicating Authority, on an application by a homebuyer, Mr. Abhinav Mukherji, held that IDBI Trusteeship Services Limited and ECL Finance Ltd. (the Appellants) are not 'Financial Creditors' and are 'Related Parties' to the 'Corporate Debtor'. The appeals were heard together due to common facts and a shared impugned order.
The Appellant/IDBI was appointed as a Debenture Trustee for debentures issued by M/s. Saha Infratech Pvt. Limited (Issuer/Principal Borrower) via a Debenture Trustee Agreement dated 18/05/2016. Mr. Abhinav Mukherjee, the first Respondent, is a homebuyer of the ‘Corporate Debtor' with a claim of Rs.2,94,43,634/-. Mr. Krit Narayan Mishra, the second Respondent, is the RP of the 'Corporate Debtor', appointed on 13/07/2021. The Appellant/M/s. ECL Finance Limited is the original Debenture Holder and executed an Assignment Agreement dated 27/03/2020, assigning financial assistance rights to Assets Care and Reconstruction Enterprise Limited (‘ACRE'). In June 2016, Saha Infratech issued 110 Non-Convertible Debentures, each with a face value of Rs.1Crore/-, totaling
…Appellant/IDBI appointed as Debenture…
Debenture Trust Deed executed amongst the…