Earth Gracia Buildcon Private Limited, acting through its Resolution Professional (RP) Manisha Rawat, filed CA/565/C-III/ND/2019 in CP/401/IB/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction to the Resolution Professional of Earth Infrastructure Limited to recognize the applicant's claim as a 'Financial Debt' under Section 5(8) of the I&B Code, 2016. The applicant claimed to have advanced INR 16,82,17,052/- to Earth Infrastructure Limited, which is undergoing CIRP. The RP of Earth Infrastructure Limited rejected the claim for want of a loan agreement.
Earth Gracia Buildcon Private Limited (Applicant), which is also under CIRP, claimed to have advanced INR 16,82,17,052/- to Earth Infrastructure Limited (Corporate Debtor), which is also undergoing CIRP. The Applicant contended that this amount is a Financial Debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. The Applicant filed Form 'C' dated 08.04.2019 for INR 20,78,13,695/-, which was rejected by the Resolution Professional (RP) on 25.07.2019 due to the absence of a loan agreement. The Applicant's claim is based on transactions with five banks: Yes Bank, Corporation Bank, HDFC Bank, Indian Bank, and Axis Bank. The RP for the Corporate Debtor submitted that the application is baseless because the Applicant failed to provide a loan agreement. The RP
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Earth Infrastructure…
Earth Gracia Buildcon Private Limited filed…
Earth Gracia Buildcon Private Limited, acting through its Resolution Professional (RP) Manisha Rawat, filed CA/565/C-III/ND/2019 in CP/401/IB/2017 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction to the Resolution Professional of Earth Infrastructure Limited to recognize the applicant's claim as a 'Financial Debt' under Section 5(8) of the I&B Code, 2016. The applicant claimed to have advanced INR 16,82,17,052/- to Earth Infrastructure Limited, which is undergoing CIRP. The RP of Earth Infrastructure Limited rejected the claim for want of a loan agreement.
Earth Gracia Buildcon Private Limited (Applicant), which is also under CIRP, claimed to have advanced INR 16,82,17,052/- to Earth Infrastructure Limited (Corporate Debtor), which is also undergoing CIRP. The Applicant contended that this amount is a Financial Debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. The Applicant filed Form 'C' dated 08.04.2019 for INR 20,78,13,695/-, which was rejected by the Resolution Professional (RP) on 25.07.2019 due to the absence of a loan agreement. The Applicant's claim is based on transactions with five banks: Yes Bank, Corporation Bank, HDFC Bank, Indian Bank, and Axis Bank. The RP for the Corporate Debtor submitted that the application is baseless because the Applicant failed to provide a loan agreement. The RP
…Earth Infrastructure…
Earth Gracia Buildcon Private Limited filed…