The case involves an application filed by Reliance Commercial Finance Ltd. against Sunar Jewels Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP). Reliance Commercial Finance Ltd. is seeking the admission of its claim to the extent of Rs. 72,30,77,027/-. The Resolution Professional (RP) has already admitted a portion of the claim, amounting to ₹ 65,81,74,830/-, but rejected the remaining part due to penal interest, expenses incurred, and discrepancies in the amount paid by the Corporate Debtor.
Reliance Commercial Finance Ltd. filed an application against Sunar Jewels Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP), seeking the admission of its claim amounting to Rs. 72,30,77,027/-. The Resolution Professional (RP) admitted ₹ 65,81,74,830/- of the claim but rejected the remaining portion, citing penal interest, expenses incurred, and discrepancies in the amount paid by the Corporate Debtor. The rejected penal interest amounted to ₹4,20,42,594/-, and the pre-acquisition expenses were ₹ 23,27,156/-, which were rejected based on RBI guidelines. The applicant, being an assignee, sought to charge penal interest, which the RP deemed inappropriate as there was no excess drawing/temporary overdraft limit after the loan was assigned. The
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The case involves an application filed by Reliance Commercial Finance Ltd. against Sunar Jewels Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP). Reliance Commercial Finance Ltd. is seeking the admission of its claim to the extent of Rs. 72,30,77,027/-. The Resolution Professional (RP) has already admitted a portion of the claim, amounting to ₹ 65,81,74,830/-, but rejected the remaining part due to penal interest, expenses incurred, and discrepancies in the amount paid by the Corporate Debtor.
Reliance Commercial Finance Ltd. filed an application against Sunar Jewels Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP), seeking the admission of its claim amounting to Rs. 72,30,77,027/-. The Resolution Professional (RP) admitted ₹ 65,81,74,830/- of the claim but rejected the remaining portion, citing penal interest, expenses incurred, and discrepancies in the amount paid by the Corporate Debtor. The rejected penal interest amounted to ₹4,20,42,594/-, and the pre-acquisition expenses were ₹ 23,27,156/-, which were rejected based on RBI guidelines. The applicant, being an assignee, sought to charge penal interest, which the RP deemed inappropriate as there was no excess drawing/temporary overdraft limit after the loan was assigned. The
…Order delive…
Application li…