The case involves multiple applications (MA 559/2018, MA 609/2018, MA 636/2018, and MA 689/2018) filed by financial creditors (IDBI Bank, JM Financial Asset Reconstruction Company, Yes Bank, and Axis Bank) against the Resolution Professional (RP) of KSS Petron Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. The IRP made a public announcement for inviting claims. The financial creditors filed their claims, but the RP rejected them on the grounds that the corporate guarantees/bank guarantees were not invoked before the commencement of the CIRP.
1. A CIRP was initiated against KSS Petron Private Limited (Corporate Debtor) following a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016.
2. IDBI Bank, JM Financial Asset Reconstruction Company (JM ARC), Yes Bank, and Axis Bank (Applicants) filed claims with the Resolution Professional (RP) as financial creditors.
3. IDBI Bank's claim was based on a guarantee provided by the Corporate Debtor for loan facilities extended to M/s. Petron Engineering Construction Limited (PECL).
4. JM ARC's claim was based on a guarantee provided by the Corporate Debtor to M/s. Bhubaneshwar Expressways Private Limited (BEPL), with JM ARC being the assignee of the loan from L&T Infrastructure Finance Company Limited.
5. Yes Bank's claim was based on a guarantee
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Petition U/s. 10 of the Insolvency and…
The ‘Moratori…
The case involves multiple applications (MA 559/2018, MA 609/2018, MA 636/2018, and MA 689/2018) filed by financial creditors (IDBI Bank, JM Financial Asset Reconstruction Company, Yes Bank, and Axis Bank) against the Resolution Professional (RP) of KSS Petron Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. The IRP made a public announcement for inviting claims. The financial creditors filed their claims, but the RP rejected them on the grounds that the corporate guarantees/bank guarantees were not invoked before the commencement of the CIRP.
1. A CIRP was initiated against KSS Petron Private Limited (Corporate Debtor) following a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016.
2. IDBI Bank, JM Financial Asset Reconstruction Company (JM ARC), Yes Bank, and Axis Bank (Applicants) filed claims with the Resolution Professional (RP) as financial creditors.
3. IDBI Bank's claim was based on a guarantee provided by the Corporate Debtor for loan facilities extended to M/s. Petron Engineering Construction Limited (PECL).
4. JM ARC's claim was based on a guarantee provided by the Corporate Debtor to M/s. Bhubaneshwar Expressways Private Limited (BEPL), with JM ARC being the assignee of the loan from L&T Infrastructure Finance Company Limited.
5. Yes Bank's claim was based on a guarantee
Petition U/s. 10 of the Insolvency and…
The ‘Moratori…