ICICI Bank Limited filed a claim as a financial creditor against Jaypee Infratech Limited (JIL), the corporate debtor, based on a third-party mortgage provided by JIL for the loans extended by ICICI Bank to JIL's holding company, Jayprakash Associates Limited (JAL). The Resolution Professional rejected ICICI Bank's claim, arguing that JIL was not the direct beneficiary of the loan and that the mortgage did not constitute a 'financial debt' as defined under the Insolvency and Bankruptcy Code (IBC), 2016. ICICI Bank then filed an application under Section 60(5) of the IBC to challenge the Resolution Professional's decision.
ICICI Bank Limited extended credit facilities to Jayprakash Associates Limited (JAL). Jaypee Infratech Limited (JIL) provided a third-party mortgage on its immovable properties as collateral security for the loans granted by ICICI Bank to JAL. JIL is the holding company of JAL. When JAL defaulted on its payments, ICICI Bank issued a demand notice to JAL. Subsequently, Corporate Insolvency Resolution Process (CIRP) was initiated against JIL. ICICI Bank filed a claim with the Resolution Professional of JIL, seeking recognition as a financial creditor based on the mortgage provided by JIL. The Resolution Professional rejected ICICI Bank's claim, stating that the mortgage did not constitute a 'financial debt' under Section 5(8) of the Insolvency and Bankruptcy Code (IBC),
…Sign in to view the parties.
IDBI Bank's company petition under Section 7 of…
Resolution Professional issued a public…
ICICI Bank Limited filed a claim as a financial creditor against Jaypee Infratech Limited (JIL), the corporate debtor, based on a third-party mortgage provided by JIL for the loans extended by ICICI Bank to JIL's holding company, Jayprakash Associates Limited (JAL). The Resolution Professional rejected ICICI Bank's claim, arguing that JIL was not the direct beneficiary of the loan and that the mortgage did not constitute a 'financial debt' as defined under the Insolvency and Bankruptcy Code (IBC), 2016. ICICI Bank then filed an application under Section 60(5) of the IBC to challenge the Resolution Professional's decision.
ICICI Bank Limited extended credit facilities to Jayprakash Associates Limited (JAL). Jaypee Infratech Limited (JIL) provided a third-party mortgage on its immovable properties as collateral security for the loans granted by ICICI Bank to JAL. JIL is the holding company of JAL. When JAL defaulted on its payments, ICICI Bank issued a demand notice to JAL. Subsequently, Corporate Insolvency Resolution Process (CIRP) was initiated against JIL. ICICI Bank filed a claim with the Resolution Professional of JIL, seeking recognition as a financial creditor based on the mortgage provided by JIL. The Resolution Professional rejected ICICI Bank's claim, stating that the mortgage did not constitute a 'financial debt' under Section 5(8) of the Insolvency and Bankruptcy Code (IBC),
…IDBI Bank's company petition under Section 7 of…
Resolution Professional issued a public…