Union Bank of India filed an application seeking to condone the delay in submitting its claim to the Insolvency Resolution Professional (IRP) and to direct the IRP to admit the claim. The bank's claim of Rs.8,73,86,796.81 was rejected by the IRP because it was received after the 90-day period from the commencement of the Corporate Insolvency Resolution Process (CIRP). The bank argued that it was not informed about the CIRP initiation and that the public announcement was published in newspapers with limited circulation. The Respondent contended that the application was not maintainable, as the CoC had already approved a Resolution Plan, and the RP had complied with paper publication. The Respondent also argued that Regulation 6A, which requires the IRP to inform all
…Union Bank of India (Applicant) sought to condone a delay in submitting a claim of Rs.8,73,86,796.81 to the IRP in a CIRP against Cura Technologies Limited (Corporate Debtor). The IRP rejected the claim because it was filed after the 90-day period from the CIRP commencement date. The Applicant argued they were unaware of the CIRP due to publication in newspapers with limited circulation and a merger between Andhra Bank and Union Bank. The Respondent (unspecified) argued the application was not maintainable because the CoC approved a Resolution Plan and the RP complied with publication requirements. The Applicant claimed they learned about the CIRP through discussions on OTS with a director of the Corporate Debtor on 2022-11-05. The public announcement was published on
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Public announcement for initiation of CIRP…
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Union Bank of India filed an application seeking to condone the delay in submitting its claim to the Insolvency Resolution Professional (IRP) and to direct the IRP to admit the claim. The bank's claim of Rs.8,73,86,796.81 was rejected by the IRP because it was received after the 90-day period from the commencement of the Corporate Insolvency Resolution Process (CIRP). The bank argued that it was not informed about the CIRP initiation and that the public announcement was published in newspapers with limited circulation. The Respondent contended that the application was not maintainable, as the CoC had already approved a Resolution Plan, and the RP had complied with paper publication. The Respondent also argued that Regulation 6A, which requires the IRP to inform all
…Union Bank of India (Applicant) sought to condone a delay in submitting a claim of Rs.8,73,86,796.81 to the IRP in a CIRP against Cura Technologies Limited (Corporate Debtor). The IRP rejected the claim because it was filed after the 90-day period from the CIRP commencement date. The Applicant argued they were unaware of the CIRP due to publication in newspapers with limited circulation and a merger between Andhra Bank and Union Bank. The Respondent (unspecified) argued the application was not maintainable because the CoC approved a Resolution Plan and the RP complied with publication requirements. The Applicant claimed they learned about the CIRP through discussions on OTS with a director of the Corporate Debtor on 2022-11-05. The public announcement was published on
…Public announcement for initiation of CIRP…
Applicant came to know about the CIRP through…