The case involves a cluster of appeals arising from the Corporate Insolvency Resolution Process (CIRP) of M/s Gujarat Hydrocarbons and Power SEZ Limited (GHPSL), which was incorporated to develop a Special Economic Zone (SEZ) on leasehold land from Gujarat Industrial Development Corporation (GIDC). GHPSL availed a credit facility from SREI Infrastructure Finance Limited (SREI), guaranteed by Assam Company India Limited (ACIL). In ACIL's CIRP, SREI's claim was reduced to ₹241.27 crore, and ₹38.87 crore was paid. However, in GHPSL's CIRP, SREI's claim was admitted at an inflated ₹1,885.08 crore, and ACIL was classified as an unsecured related-party financial creditor. A resolution plan by Zaveri & Co. Pvt. Ltd. was approved. GIDC, acting as lessor and regulator,
…M/s Gujarat Hydrocarbons and Power SEZ Limited (GHPSL) was incorporated on 17.08.2007 to develop, operate, and maintain a sector-specific Special Economic Zone (SEZ) on leasehold land at Vilayat, Bharuch, Gujarat, taken on lease from Gujarat Industrial Development Corporation (GIDC).
GHPSL availed a credit facility of ₹100 crores from SREI Infrastructure Finance Limited (SREI) in 2011.
Assam Company India Limited (ACIL), the holding/guarantor company, executed a corporate guarantee for the loan on 05.01.2011.
In the CIRP of ACIL, SREI's claim of ₹648.80 crore was reduced by the Interim Resolution Professional to ₹357.29 crore, and further reduced by the Resolution Professional to ₹241.27 crore on 03.04.2018, primarily due to impermissible capitalization of penal interest.
…Sign in to view the parties.
M/s Gujarat Hydrocarbons and Power SEZ…
Assam Company India Limited (ACIL) executed a…
The case involves a cluster of appeals arising from the Corporate Insolvency Resolution Process (CIRP) of M/s Gujarat Hydrocarbons and Power SEZ Limited (GHPSL), which was incorporated to develop a Special Economic Zone (SEZ) on leasehold land from Gujarat Industrial Development Corporation (GIDC). GHPSL availed a credit facility from SREI Infrastructure Finance Limited (SREI), guaranteed by Assam Company India Limited (ACIL). In ACIL's CIRP, SREI's claim was reduced to ₹241.27 crore, and ₹38.87 crore was paid. However, in GHPSL's CIRP, SREI's claim was admitted at an inflated ₹1,885.08 crore, and ACIL was classified as an unsecured related-party financial creditor. A resolution plan by Zaveri & Co. Pvt. Ltd. was approved. GIDC, acting as lessor and regulator,
…M/s Gujarat Hydrocarbons and Power SEZ Limited (GHPSL) was incorporated on 17.08.2007 to develop, operate, and maintain a sector-specific Special Economic Zone (SEZ) on leasehold land at Vilayat, Bharuch, Gujarat, taken on lease from Gujarat Industrial Development Corporation (GIDC).
GHPSL availed a credit facility of ₹100 crores from SREI Infrastructure Finance Limited (SREI) in 2011.
Assam Company India Limited (ACIL), the holding/guarantor company, executed a corporate guarantee for the loan on 05.01.2011.
In the CIRP of ACIL, SREI's claim of ₹648.80 crore was reduced by the Interim Resolution Professional to ₹357.29 crore, and further reduced by the Resolution Professional to ₹241.27 crore on 03.04.2018, primarily due to impermissible capitalization of penal interest.
…M/s Gujarat Hydrocarbons and Power SEZ…
Assam Company India Limited (ACIL) executed a…