The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Jasubhai International FZCO, the Applicant, against the refusal of Ashok Kumar Gulla, the Respondent (Resolution Professional), to admit the Applicant's claim of Rs. 3,00,00,000/- as a 'financial debt'. The Applicant and Fedders Electric & Engineering Ltd., the Corporate Debtor, had entered into an agreement in 2017, with the Applicant making payments as Earnest Money Deposit (EMD). The Corporate Debtor later withdrew from the project, but failed to refund the EMD. The Respondent classified the Applicant's claim as that of 'other creditors', denying them participation in the Committee of Creditors. The Applicant argued that the EMD should be considered a
…Jasubhai International FZCO (Applicant) entered into an agreement with Fedders Electric & Engineering Ltd. (Corporate Debtor) on February 25, 2017, related to a project in Dubai. The Applicant paid Rs. 3,00,00,000/- as Earnest Money Deposit (EMD) to the Corporate Debtor, as per a Letter of Intent (LOI) dated April 9, 2017. In April 2018, the Corporate Debtor withdrew from the project without formal intimation. The Applicant requested a refund of the EMD, but no payments were made. On August 14, 2019, the Tribunal admitted an insolvency application against the Corporate Debtor filed by the State Bank of India under Section 7 of the IBC. The Respondent (Resolution Professional) invited claims from creditors. On August 30, 2019, the Applicant filed its claim for Rs.
…Sign in to view the parties.
The Applicant and the…
The Corporate Debtor…
The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Jasubhai International FZCO, the Applicant, against the refusal of Ashok Kumar Gulla, the Respondent (Resolution Professional), to admit the Applicant's claim of Rs. 3,00,00,000/- as a 'financial debt'. The Applicant and Fedders Electric & Engineering Ltd., the Corporate Debtor, had entered into an agreement in 2017, with the Applicant making payments as Earnest Money Deposit (EMD). The Corporate Debtor later withdrew from the project, but failed to refund the EMD. The Respondent classified the Applicant's claim as that of 'other creditors', denying them participation in the Committee of Creditors. The Applicant argued that the EMD should be considered a
…Jasubhai International FZCO (Applicant) entered into an agreement with Fedders Electric & Engineering Ltd. (Corporate Debtor) on February 25, 2017, related to a project in Dubai. The Applicant paid Rs. 3,00,00,000/- as Earnest Money Deposit (EMD) to the Corporate Debtor, as per a Letter of Intent (LOI) dated April 9, 2017. In April 2018, the Corporate Debtor withdrew from the project without formal intimation. The Applicant requested a refund of the EMD, but no payments were made. On August 14, 2019, the Tribunal admitted an insolvency application against the Corporate Debtor filed by the State Bank of India under Section 7 of the IBC. The Respondent (Resolution Professional) invited claims from creditors. On August 30, 2019, the Applicant filed its claim for Rs.
…The Applicant and the…
The Corporate Debtor…