The application, I.A. 5980/ND/2022, was filed by M/s Dauphin Cables Private Limited, a shareholder of the Corporate Debtor, Abloom Infotech Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought the rejection of the claim of Chandgi Ram Real Estate Consultant Pvt. Ltd. (CRC), which was allegedly wrongly admitted as a creditor. The applicant argued that CRC is a promoter and its rights are equivalent to equity shareholders, thus not entitled to preferential payments under Section 53 of the IBC. The Tribunal considered whether the application was maintainable and examined the agreements between the Corporate Debtor and CRC.
DMI Finance Pvt. Ltd. is the Financial Creditor. M/s Abloom Infotech Pvt. Ltd. is the Corporate Debtor. M/s Dauphin Cables Private Limited, a shareholder of the Corporate Debtor, filed an application (I.A. 5980/ND/2022) seeking the rejection of the claim of Chandgi Ram Real Estate Consultant Pvt. Ltd. (CRC), arguing that CRC was wrongly admitted as a creditor. The applicant contended that CRC is a promoter and its rights are equivalent to equity shareholders, thus not entitled to preferential payments under Section 53 of the IBC. There was a subsisting agreement between CRC and the Corporate Debtor involving Co-Development of land. The Term Sheet, MoU, and Addendum to MoU contained an embargo on Abloom entering into any agreement without the consent of DMI Finance. CRC
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Company Petition No.…
I.A. 5980/ND/2022 was…
The application, I.A. 5980/ND/2022, was filed by M/s Dauphin Cables Private Limited, a shareholder of the Corporate Debtor, Abloom Infotech Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought the rejection of the claim of Chandgi Ram Real Estate Consultant Pvt. Ltd. (CRC), which was allegedly wrongly admitted as a creditor. The applicant argued that CRC is a promoter and its rights are equivalent to equity shareholders, thus not entitled to preferential payments under Section 53 of the IBC. The Tribunal considered whether the application was maintainable and examined the agreements between the Corporate Debtor and CRC.
DMI Finance Pvt. Ltd. is the Financial Creditor. M/s Abloom Infotech Pvt. Ltd. is the Corporate Debtor. M/s Dauphin Cables Private Limited, a shareholder of the Corporate Debtor, filed an application (I.A. 5980/ND/2022) seeking the rejection of the claim of Chandgi Ram Real Estate Consultant Pvt. Ltd. (CRC), arguing that CRC was wrongly admitted as a creditor. The applicant contended that CRC is a promoter and its rights are equivalent to equity shareholders, thus not entitled to preferential payments under Section 53 of the IBC. There was a subsisting agreement between CRC and the Corporate Debtor involving Co-Development of land. The Term Sheet, MoU, and Addendum to MoU contained an embargo on Abloom entering into any agreement without the consent of DMI Finance. CRC
…Company Petition No.…
I.A. 5980/ND/2022 was…