This case involves an application by IDBI Bank Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Resolution Professional (RP) of Deegee Cotsyn Private Limited (Corporate Debtor) to admit their claim as per Form C and update the Committee of Creditors (CoC) voting share ratio. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on February 26, 2019. IDBI Bank had sanctioned credit facilities to Deegee Orchards Private Limited, for which Deegee Cotsyn Private Limited provided a corporate guarantee. The RP rejected part of IDBI Bank's claim, leading to this application.
IDBI Bank Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Resolution Professional (RP) of Deegee Cotsyn Private Limited to admit their claim. The CIRP against Deegee Cotsyn Private Limited was initiated on February 26, 2019. IDBI Bank had sanctioned credit facilities aggregating Rs. 35 Crore to Deegee Orchards Private Limited, including cash credit, term loan, and bank guarantee. Deegee Cotsyn Private Limited provided a corporate guarantee to secure these facilities. IDBI Bank invoked the corporate guarantee on July 10, 2014, due to the principal borrower's failure to make payments. IDBI Bank submitted a revised proof of claim for Rs. 61,41,79,589.59 on September 12, 2019. The RP rejected part of
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Corporate Insolvency Resolution Process…
IDBI Bank sanctioned credit facilities to…
This case involves an application by IDBI Bank Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Resolution Professional (RP) of Deegee Cotsyn Private Limited (Corporate Debtor) to admit their claim as per Form C and update the Committee of Creditors (CoC) voting share ratio. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on February 26, 2019. IDBI Bank had sanctioned credit facilities to Deegee Orchards Private Limited, for which Deegee Cotsyn Private Limited provided a corporate guarantee. The RP rejected part of IDBI Bank's claim, leading to this application.
IDBI Bank Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Resolution Professional (RP) of Deegee Cotsyn Private Limited to admit their claim. The CIRP against Deegee Cotsyn Private Limited was initiated on February 26, 2019. IDBI Bank had sanctioned credit facilities aggregating Rs. 35 Crore to Deegee Orchards Private Limited, including cash credit, term loan, and bank guarantee. Deegee Cotsyn Private Limited provided a corporate guarantee to secure these facilities. IDBI Bank invoked the corporate guarantee on July 10, 2014, due to the principal borrower's failure to make payments. IDBI Bank submitted a revised proof of claim for Rs. 61,41,79,589.59 on September 12, 2019. The RP rejected part of
…Corporate Insolvency Resolution Process…
IDBI Bank sanctioned credit facilities to…