Mona Portfolio Ltd. (Applicant), an erstwhile NBFC, filed an application against Mr. Mohit Chawla, RP of Chandigarh Overseas Private Limited (Corporate Debtor), seeking reclassification of its claim from "related party" to "independent financial creditor." The Applicant claimed that its control and shareholding were transferred from the Setia family (related to the Corporate Debtor) to an unrelated group in FY 2018-2019, thereby severing its related party status. The RP, however, maintained that the Applicant remained a related party and disputed the authenticity of documents presented by the Applicant, also questioning if the debt qualified as a "financial debt."

Mona Portfolio Ltd. (Applicant), an erstwhile NBFC, filed an application against Mr. Mohit Chawla, RP of Chandigarh Overseas Private Limited (Corporate Debtor), seeking reclassification of its claim from "related party" to "independent financial creditor." The Applicant claimed that its control and shareholding were transferred from the Setia family (related to the Corporate Debtor) to an unrelated group in FY 2018-2019, thereby severing its related party status. The RP, however, maintained that the Applicant remained a related party and disputed the authenticity of documents presented by the Applicant, also questioning if the debt qualified as a "financial debt."