Credit Suisse Funds AG & Anr. filed an Interim Application (IA 427/2018) in CP(IB) 209/NCLT/AHM/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional (RP) to collate and update their claim as Corporate Guarantors and to be treated as Financial Creditors. The applicants claimed to have extended loan facilities to the Principal Borrower, a Wholly Owned Subsidiary (WOS) of the Corporate Debtor, secured by a guarantee issued by the Corporate Debtor. The RP initially did not consider their claims due to issues with the guarantee documents but later received clarifications. The RP proposed including their claim but noted that the Corporate Insolvency Resolution Process (CIRP) period of 270 days had
…Credit Suisse Funds AG & Anr. (Applicants) filed an interim application seeking to be recognized as Financial Creditors in the Corporate Insolvency Resolution Process (CIRP) of B.P. Foods Products Private Limited (Corporate Debtor). The Applicants had extended loan facilities to B.P. Foods Overseas F.Z.E. (Principal Borrower), a Wholly Owned Subsidiary (WOS) of the Corporate Debtor, secured by corporate guarantees from the Corporate Debtor. The loans were provided via two promissory notes: one for USD 2,250,000.00 dated October 24, 2014, and another for USD 1,250,000.00 dated November 28, 2014. The Resolution Professional (RP) initially rejected the claims due to issues with the guarantee documents, specifically related to stamping and other technical reasons. The
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Principal Borrower issued a Promissory Note…
Principal Borrower issued another…
Credit Suisse Funds AG & Anr. filed an Interim Application (IA 427/2018) in CP(IB) 209/NCLT/AHM/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional (RP) to collate and update their claim as Corporate Guarantors and to be treated as Financial Creditors. The applicants claimed to have extended loan facilities to the Principal Borrower, a Wholly Owned Subsidiary (WOS) of the Corporate Debtor, secured by a guarantee issued by the Corporate Debtor. The RP initially did not consider their claims due to issues with the guarantee documents but later received clarifications. The RP proposed including their claim but noted that the Corporate Insolvency Resolution Process (CIRP) period of 270 days had
…Credit Suisse Funds AG & Anr. (Applicants) filed an interim application seeking to be recognized as Financial Creditors in the Corporate Insolvency Resolution Process (CIRP) of B.P. Foods Products Private Limited (Corporate Debtor). The Applicants had extended loan facilities to B.P. Foods Overseas F.Z.E. (Principal Borrower), a Wholly Owned Subsidiary (WOS) of the Corporate Debtor, secured by corporate guarantees from the Corporate Debtor. The loans were provided via two promissory notes: one for USD 2,250,000.00 dated October 24, 2014, and another for USD 1,250,000.00 dated November 28, 2014. The Resolution Professional (RP) initially rejected the claims due to issues with the guarantee documents, specifically related to stamping and other technical reasons. The
…Principal Borrower issued a Promissory Note…
Principal Borrower issued another…