Intec Capital Limited (Appellant) claimed to be a financial creditor of Shivam Continental Private Limited (Corporate Debtor).

The Adjudicating Authority (Chandigarh Bench) dismissed the Appellant's claim rejection application.

The Appellant had sanctioned loan facilities to M/s Shivam International, which was later taken over by the Corporate Debtor.

The Appellant issued a 'No Dues Certificate' for one loan facility but claimed another loan was still active.

The Resolution Professional (RP) rejected the Appellant's claim, stating that the loan was granted to a proprietorship firm and not the Corporate Debtor.

The RP also cited delays in filing the claim and the absence of the loan in the initial takeover agreement between Shivam International and the Corporate Debtor.

Intec Capital Limited (Appellant) claimed to be a financial creditor of Shivam Continental Private Limited (Corporate Debtor).

The Adjudicating Authority (Chandigarh Bench) dismissed the Appellant's claim rejection application.

The Appellant had sanctioned loan facilities to M/s Shivam International, which was later taken over by the Corporate Debtor.

The Appellant issued a 'No Dues Certificate' for one loan facility but claimed another loan was still active.

The Resolution Professional (RP) rejected the Appellant's claim, stating that the loan was granted to a proprietorship firm and not the Corporate Debtor.

The RP also cited delays in filing the claim and the absence of the loan in the initial takeover agreement between Shivam International and the Corporate Debtor.