ICICI Bank filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to set aside the Resolution Professional's decision to reject ICICI Bank's claim against Edu Smart Services Pvt. Ltd. (ESSL), the Corporate Debtor, which acted as a guarantor for Edu Comp Solution. DBS Bank had already initiated CIRP against ESSL under Section 7 of the Code, which was admitted on 27.06.2017. ICICI Bank had extended credit facilities to Edu Comp Solution, and ESSL furnished a guarantee in favor of ICICI Bank. When Edu Comp Solution defaulted, ICICI Bank invoked the guarantee. The Resolution Professional (RP) initially provisionally admitted ICICI Bank's claim but later rejected it, leading to the current application.
ICICI Bank extended credit facilities to Edu Comp Solution. ESSL (Edu Smart Service Pvt. Ltd.) furnished a guarantee in favor of ICICI Bank for the loan to Edu Comp Solution. Edu Comp Solution defaulted on its loan repayment. ICICI Bank invoked the guarantee against ESSL. DBS Bank initiated CIRP against ESSL under Section 7 of the Insolvency and Bankruptcy Code, which was admitted on 27.06.2017. The Resolution Professional (RP) published a public notice inviting claims from creditors of ESSL. ICICI Bank submitted its claim to the RP for Rs. 86,45,00,000/- against ESSL as a guarantor. The RP initially provisionally admitted ICICI Bank's claim but later rejected it. The RP argued that ICICI Bank's claim against ESSL should be reduced proportionately if any amount is
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DBS Bank's application under Section 7 of the…
ICICI Bank submitted its claim to the…
ICICI Bank filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to set aside the Resolution Professional's decision to reject ICICI Bank's claim against Edu Smart Services Pvt. Ltd. (ESSL), the Corporate Debtor, which acted as a guarantor for Edu Comp Solution. DBS Bank had already initiated CIRP against ESSL under Section 7 of the Code, which was admitted on 27.06.2017. ICICI Bank had extended credit facilities to Edu Comp Solution, and ESSL furnished a guarantee in favor of ICICI Bank. When Edu Comp Solution defaulted, ICICI Bank invoked the guarantee. The Resolution Professional (RP) initially provisionally admitted ICICI Bank's claim but later rejected it, leading to the current application.
ICICI Bank extended credit facilities to Edu Comp Solution. ESSL (Edu Smart Service Pvt. Ltd.) furnished a guarantee in favor of ICICI Bank for the loan to Edu Comp Solution. Edu Comp Solution defaulted on its loan repayment. ICICI Bank invoked the guarantee against ESSL. DBS Bank initiated CIRP against ESSL under Section 7 of the Insolvency and Bankruptcy Code, which was admitted on 27.06.2017. The Resolution Professional (RP) published a public notice inviting claims from creditors of ESSL. ICICI Bank submitted its claim to the RP for Rs. 86,45,00,000/- against ESSL as a guarantor. The RP initially provisionally admitted ICICI Bank's claim but later rejected it. The RP argued that ICICI Bank's claim against ESSL should be reduced proportionately if any amount is
…DBS Bank's application under Section 7 of the…
ICICI Bank submitted its claim to the…