The case pertains to a Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. A dispute arose regarding the contribution of financial creditors to the expenses incurred during the CIRP. Specifically, Intec Capital Limited, a financial creditor with a significant voting share (42.78%), objected to contributing to the CIRP costs upfront, proposing to pay only at the end of the recovery process. Other financial creditors, Reliance Commercial Finance Limited and Oriental Bank of Commerce, were allocated voting shares of 25.81% and 31.41%, respectively. The Committee of Creditors (CoC) had decided that the CIRP expenses should be shared proportionately among the three financial creditors.
Reliance Commercial Finance Ltd. initiated a CIRP against Noble Resourcing Business And Solutions Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. In the second meeting of the Committee of Creditors (CoC) held on February 12, 2019, it was determined that Intec Capital Ltd., a financial creditor, held 42.78% of the voting share, while Reliance Commercial Finance Limited and Oriental Bank of Commerce held 25.81% and 31.41%, respectively. The CoC decided that the expenses incurred during the CIRP should be shared proportionately among these three financial creditors. However, Intec Capital Limited objected to contributing upfront, stating they would pay at the end of the recovery process. This objection was noted in the minutes of the meeting on
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Decision taken that Intec Capital Ltd. has…
Intec Capital Limited raised objection to…
The case pertains to a Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. A dispute arose regarding the contribution of financial creditors to the expenses incurred during the CIRP. Specifically, Intec Capital Limited, a financial creditor with a significant voting share (42.78%), objected to contributing to the CIRP costs upfront, proposing to pay only at the end of the recovery process. Other financial creditors, Reliance Commercial Finance Limited and Oriental Bank of Commerce, were allocated voting shares of 25.81% and 31.41%, respectively. The Committee of Creditors (CoC) had decided that the CIRP expenses should be shared proportionately among the three financial creditors.
Reliance Commercial Finance Ltd. initiated a CIRP against Noble Resourcing Business And Solutions Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. In the second meeting of the Committee of Creditors (CoC) held on February 12, 2019, it was determined that Intec Capital Ltd., a financial creditor, held 42.78% of the voting share, while Reliance Commercial Finance Limited and Oriental Bank of Commerce held 25.81% and 31.41%, respectively. The CoC decided that the expenses incurred during the CIRP should be shared proportionately among these three financial creditors. However, Intec Capital Limited objected to contributing upfront, stating they would pay at the end of the recovery process. This objection was noted in the minutes of the meeting on
…Decision taken that Intec Capital Ltd. has…
Intec Capital Limited raised objection to…