Morgan Securities & Credits Pvt. Ltd. filed an application seeking clarification from the NCLT that it should be treated as a secured financial creditor of Videocon Industries Ltd., the corporate debtor. The applicant based its claim on an undertaking allegedly made by the corporate debtor before the Delhi High Court to offer its assets as security to cover an awarded amount. The Resolution Professional classified the applicant as an unsecured creditor. The applicant claimed that a charge or security interest was created in its favor to the extent of Rs. 20 Crores in the assets of the Corporate Debtor, by operation of law and virtue of undertakings given by the Corporate Debtor before the Delhi High Court. The NCLT is considering whether the applicant should be
…Morgan Securities & Credits Pvt. Ltd. (Applicant) filed a claim of Rs. 325.81 Crores against Videocon Industries Ltd. (Corporate Debtor), of which Rs. 76.45 crores was admitted by the Resolution Professional. An arbitral award was passed in favor of the Applicant on 29.04.2013 against the Corporate Debtor for non-payment of loaned/discounted amounts. The Applicant served an addendum on 27.08.2020 claiming a charge or security interest of Rs. 20 Crores in the Corporate Debtor's assets. The Applicant alleges that a categorical undertaking was given by the Corporate Debtor before the Delhi High Court to offer Rs. 20 Crore as security. The Delhi High Court passed orders on 14.08.2013 and 01.10.2013. The NCLAT, in an order dated 22.01.2020, held that Rs. 20 crores lying
…Sign in to view the parties.
An arbitral Award was…
Order passed…
Morgan Securities & Credits Pvt. Ltd. filed an application seeking clarification from the NCLT that it should be treated as a secured financial creditor of Videocon Industries Ltd., the corporate debtor. The applicant based its claim on an undertaking allegedly made by the corporate debtor before the Delhi High Court to offer its assets as security to cover an awarded amount. The Resolution Professional classified the applicant as an unsecured creditor. The applicant claimed that a charge or security interest was created in its favor to the extent of Rs. 20 Crores in the assets of the Corporate Debtor, by operation of law and virtue of undertakings given by the Corporate Debtor before the Delhi High Court. The NCLT is considering whether the applicant should be
…Morgan Securities & Credits Pvt. Ltd. (Applicant) filed a claim of Rs. 325.81 Crores against Videocon Industries Ltd. (Corporate Debtor), of which Rs. 76.45 crores was admitted by the Resolution Professional. An arbitral award was passed in favor of the Applicant on 29.04.2013 against the Corporate Debtor for non-payment of loaned/discounted amounts. The Applicant served an addendum on 27.08.2020 claiming a charge or security interest of Rs. 20 Crores in the Corporate Debtor's assets. The Applicant alleges that a categorical undertaking was given by the Corporate Debtor before the Delhi High Court to offer Rs. 20 Crore as security. The Delhi High Court passed orders on 14.08.2013 and 01.10.2013. The NCLAT, in an order dated 22.01.2020, held that Rs. 20 crores lying
…An arbitral Award was…
Order passed…