The case involves two applications, MA/504/2018 and MA/491/2018, filed in CP/39/IB/CB/2018 under Sections 60, 66, 71, and 73 of the Insolvency and Bankruptcy Code, 2016. These applications concern the rejection of claims by the Resolution Professional, Mr. Vasudevan, against the corporate debtor, Tiffins Barytes Asbestos & Paints Ltd. Sujathaa Mehta, the applicant, seeks the admission of her claims, which were initially filed as both a financial creditor and an operational creditor. The Resolution Professional rejected these claims due to various discrepancies and non-compliance with the IBC regulations, particularly regarding the submission of claims in electronic form and the validity of cash transactions.
The Corporate Debtor, Tiffins Barytes Asbestos & Paints Ltd., availed short-term loans from Udhyaman Investments Private Ltd. and defaulted on repayment. Consequently, Udhyaman Investments initiated CIRP under Section 7 of the I&B Code, and Mr. Vasudevan was appointed as the Interim Resolution Professional. Sujathaa Mehta filed claims as both a financial creditor and an operational creditor, which were subsequently rejected by the Resolution Professional. The claims included amounts of Rs.4,04,54,000/- and Rs.11,15,48,000/-, based on loan agreements and a Memorandum of Understanding (MoU). The Resolution Professional rejected the claims citing discrepancies, non-compliance with electronic submission requirements, and the absence of entries in the Corporate
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The case involves two applications, MA/504/2018 and MA/491/2018, filed in CP/39/IB/CB/2018 under Sections 60, 66, 71, and 73 of the Insolvency and Bankruptcy Code, 2016. These applications concern the rejection of claims by the Resolution Professional, Mr. Vasudevan, against the corporate debtor, Tiffins Barytes Asbestos & Paints Ltd. Sujathaa Mehta, the applicant, seeks the admission of her claims, which were initially filed as both a financial creditor and an operational creditor. The Resolution Professional rejected these claims due to various discrepancies and non-compliance with the IBC regulations, particularly regarding the submission of claims in electronic form and the validity of cash transactions.
The Corporate Debtor, Tiffins Barytes Asbestos & Paints Ltd., availed short-term loans from Udhyaman Investments Private Ltd. and defaulted on repayment. Consequently, Udhyaman Investments initiated CIRP under Section 7 of the I&B Code, and Mr. Vasudevan was appointed as the Interim Resolution Professional. Sujathaa Mehta filed claims as both a financial creditor and an operational creditor, which were subsequently rejected by the Resolution Professional. The claims included amounts of Rs.4,04,54,000/- and Rs.11,15,48,000/-, based on loan agreements and a Memorandum of Understanding (MoU). The Resolution Professional rejected the claims citing discrepancies, non-compliance with electronic submission requirements, and the absence of entries in the Corporate
…Authority admitted the Application under…
Sujathaa Mehta filed a…