The case involves an application (MA No. 1262/MB/C-II/2019) filed in C.P (IB) No. 2668/MB/C-II/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicants, Javed Abdul Rahim Sayed and Anr., sought an order to direct the Interim Resolution Professional (IRP) to accept and verify their proof of claim (Form-C) and subsequently conduct a meeting of creditors (CoC). The applicants, former directors and shareholders of Kaizen AAC Block Private Limited (Corporate Debtor), claimed to have provided unsecured interest-free loans to the Corporate Debtor. After their retirement, another director, Qamruddin Faizi, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The IRP rejected the applicants' claim, considering them
…1. Javed Abdul Rahim Sayed and Abid Ali Abdul Hai Khan (the Applicants) were former directors and shareholders of Kaizen AAC Block Private Limited (the Corporate Debtor). They provided unsecured interest-free loans totaling Rs. 2,11,04,000 to the Corporate Debtor.
2. The Applicants retired from the board of directors on January 23, 2018, and executed a Memorandum of Understanding (MOU) dated January 18, 2018, with the Corporate Debtor for the return of the unsecured loans.
3. Prior to the MOU, the Corporate Debtor paid Rs. 43,98,250 to Applicant No. 1 and Rs. 69,36,000 to Applicant No. 2 towards loan repayment. However, Rs. 64,53,750 remained due to Applicant No. 1 and Rs. 33,16,000 to Applicant No. 2.
4. Qamruddin Faizi, another director of the Corporate Debtor,
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The case involves an application (MA No. 1262/MB/C-II/2019) filed in C.P (IB) No. 2668/MB/C-II/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicants, Javed Abdul Rahim Sayed and Anr., sought an order to direct the Interim Resolution Professional (IRP) to accept and verify their proof of claim (Form-C) and subsequently conduct a meeting of creditors (CoC). The applicants, former directors and shareholders of Kaizen AAC Block Private Limited (Corporate Debtor), claimed to have provided unsecured interest-free loans to the Corporate Debtor. After their retirement, another director, Qamruddin Faizi, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The IRP rejected the applicants' claim, considering them
…1. Javed Abdul Rahim Sayed and Abid Ali Abdul Hai Khan (the Applicants) were former directors and shareholders of Kaizen AAC Block Private Limited (the Corporate Debtor). They provided unsecured interest-free loans totaling Rs. 2,11,04,000 to the Corporate Debtor.
2. The Applicants retired from the board of directors on January 23, 2018, and executed a Memorandum of Understanding (MOU) dated January 18, 2018, with the Corporate Debtor for the return of the unsecured loans.
3. Prior to the MOU, the Corporate Debtor paid Rs. 43,98,250 to Applicant No. 1 and Rs. 69,36,000 to Applicant No. 2 towards loan repayment. However, Rs. 64,53,750 remained due to Applicant No. 1 and Rs. 33,16,000 to Applicant No. 2.
4. Qamruddin Faizi, another director of the Corporate Debtor,
Applicants and Corporate Debtor executed a…
Applicants retired from…