Tata Capital Financial Services Limited, an operational creditor of Zicom Sass Private Limited (the corporate debtor), filed an application seeking intervention and directions under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 14 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application contests the rejection of a revised claim by the Resolution Professional (RP) after the initial claim was partially admitted. The corporate insolvency resolution process (CIRP) was initiated against Zicom Sass Private Limited following an application by Punjab National Bank, a financial creditor.
Punjab National Bank initiated CIRP against Zicom Sass Private Limited, leading to the appointment of an Interim Resolution Professional (IRP). Tata Capital Financial Services Limited, an operational creditor, initially submitted a claim under Form C (Financial Creditor) which was later corrected to Form B (Operational Creditor). The RP admitted a portion of the initial claim (Rs. 95,18,542.21 out of Rs. 1,05,71,482.26). Tata Capital later submitted a revised claim for Rs. 11,79,81,158.21, citing difficulties in accessing documents due to lockdown restrictions. The RP rejected the revised claim, stating that the deadline for claim submission had passed and resolution plans had already been received. The applicant argued that the RP has the power to revise claims under
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Tata Capital Financial Services Limited entered…
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Tata Capital Financial Services Limited, an operational creditor of Zicom Sass Private Limited (the corporate debtor), filed an application seeking intervention and directions under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 14 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application contests the rejection of a revised claim by the Resolution Professional (RP) after the initial claim was partially admitted. The corporate insolvency resolution process (CIRP) was initiated against Zicom Sass Private Limited following an application by Punjab National Bank, a financial creditor.
Punjab National Bank initiated CIRP against Zicom Sass Private Limited, leading to the appointment of an Interim Resolution Professional (IRP). Tata Capital Financial Services Limited, an operational creditor, initially submitted a claim under Form C (Financial Creditor) which was later corrected to Form B (Operational Creditor). The RP admitted a portion of the initial claim (Rs. 95,18,542.21 out of Rs. 1,05,71,482.26). Tata Capital later submitted a revised claim for Rs. 11,79,81,158.21, citing difficulties in accessing documents due to lockdown restrictions. The RP rejected the revised claim, stating that the deadline for claim submission had passed and resolution plans had already been received. The applicant argued that the RP has the power to revise claims under
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Punjab National Bank…