This case involves an appeal filed by ODAT GmbH, a foreign financial lender, challenging an order dated 11.12.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata, which rejected I.A.(IB) No. 1649/KB/2023. ODAT GmbH sought a direction to the Resolution Professional to include it in the Committee of Creditors (CoC) and provide voting rights. The Adjudicating Authority rejected the application, leading to the appeal before the NCLAT. The core issue revolves around whether ODAT GmbH should be considered a 'related party' to the Corporate Debtor, Darjeeling Organic Tea Estates Private Limited, thereby disqualifying it from being part of the CoC with voting rights.
ODAT GmbH, a German company, extended loans to Darjeeling Organic Tea Estates Private Limited (Corporate Debtor) between 2014 and 2020, totaling Rs. 158,97,81,571. The loan was an external commercial borrowing approved by the Reserve Bank of India. CIRP commenced against the Corporate Debtor on 28.10.2022. ODAT GmbH filed a claim in the CIRP for Euros 1,77,40,328, equivalent to INR 158,97,81,751, on 20.09.2023. The IRP did not grant voting rights to ODAT GmbH, considering it a related party because Rembert Biemond, one of ODAT's Managing Directors, was also a Director in the Corporate Debtor since 2017. Rembert Biemond was appointed by foreign investors. ODAT GmbH was incorporated on December 4, 2019. The claim filed by ODAT before the IRP has been accepted to the
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ODAT GmbH extended loans to Darjeeling Organic…
Rembert Biemond was…
This case involves an appeal filed by ODAT GmbH, a foreign financial lender, challenging an order dated 11.12.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata, which rejected I.A.(IB) No. 1649/KB/2023. ODAT GmbH sought a direction to the Resolution Professional to include it in the Committee of Creditors (CoC) and provide voting rights. The Adjudicating Authority rejected the application, leading to the appeal before the NCLAT. The core issue revolves around whether ODAT GmbH should be considered a 'related party' to the Corporate Debtor, Darjeeling Organic Tea Estates Private Limited, thereby disqualifying it from being part of the CoC with voting rights.
ODAT GmbH, a German company, extended loans to Darjeeling Organic Tea Estates Private Limited (Corporate Debtor) between 2014 and 2020, totaling Rs. 158,97,81,571. The loan was an external commercial borrowing approved by the Reserve Bank of India. CIRP commenced against the Corporate Debtor on 28.10.2022. ODAT GmbH filed a claim in the CIRP for Euros 1,77,40,328, equivalent to INR 158,97,81,751, on 20.09.2023. The IRP did not grant voting rights to ODAT GmbH, considering it a related party because Rembert Biemond, one of ODAT's Managing Directors, was also a Director in the Corporate Debtor since 2017. Rembert Biemond was appointed by foreign investors. ODAT GmbH was incorporated on December 4, 2019. The claim filed by ODAT before the IRP has been accepted to the
…ODAT GmbH extended loans to Darjeeling Organic…
Rembert Biemond was…