Reliance Capital Ltd, an NBFC and related party to the corporate debtor E-Complex Pvt Ltd, filed an application against the rejection of its claim of financial debt amounting to Rs 82,70,85,616/- (principal Rs 57,00,00,000/- plus interest) by the Resolution Professional (RP). The applicant had sanctioned a loan of Rs 57,00,00,000/- under an Inter Corporate Deposit Facility agreement dated 02.05.2017, repayable with interest. The applicant filed a claim on 18.02.2021, following the initiation of Corporate Insolvency Resolution Professional (CIRP) against E-Complex Pvt Ltd, ordered on 09.12.2020. The RP rejected the claim on 03.07.2021, stating that the corporate debtor transferred the ICD facility amount to its group companies immediately after disbursement.
Reliance Capital Ltd, an NBFC, sanctioned a loan of Rs 57,00,00,000/- to E-Complex Pvt Ltd under an Inter Corporate Deposit (ICD) Facility agreement dated 02.05.2017. The loan was repayable with interest. E-Complex Pvt Ltd faced Corporate Insolvency Resolution Professional (CIRP) proceedings initiated on 09.12.2020. Reliance Capital Ltd filed a claim for Rs 82,70,85,616/- (principal plus interest) with the Resolution Professional (RP) on 18.02.2021. The RP rejected the claim on 03.07.2021 because immediately after receiving the ICD amount, E-Complex Pvt Ltd transferred Rs 55,00,00,000/- to Reliance Housing Finance Ltd and Rs 1,50,00,000/- to REDSL. The RP viewed these transactions as circular, involving rotation of money among group companies. Reliance Capital Ltd then
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Reliance Capital Ltd sanctioned a loan of Rs…
Corporate Insolvency…
Reliance Capital Ltd, an NBFC and related party to the corporate debtor E-Complex Pvt Ltd, filed an application against the rejection of its claim of financial debt amounting to Rs 82,70,85,616/- (principal Rs 57,00,00,000/- plus interest) by the Resolution Professional (RP). The applicant had sanctioned a loan of Rs 57,00,00,000/- under an Inter Corporate Deposit Facility agreement dated 02.05.2017, repayable with interest. The applicant filed a claim on 18.02.2021, following the initiation of Corporate Insolvency Resolution Professional (CIRP) against E-Complex Pvt Ltd, ordered on 09.12.2020. The RP rejected the claim on 03.07.2021, stating that the corporate debtor transferred the ICD facility amount to its group companies immediately after disbursement.
Reliance Capital Ltd, an NBFC, sanctioned a loan of Rs 57,00,00,000/- to E-Complex Pvt Ltd under an Inter Corporate Deposit (ICD) Facility agreement dated 02.05.2017. The loan was repayable with interest. E-Complex Pvt Ltd faced Corporate Insolvency Resolution Professional (CIRP) proceedings initiated on 09.12.2020. Reliance Capital Ltd filed a claim for Rs 82,70,85,616/- (principal plus interest) with the Resolution Professional (RP) on 18.02.2021. The RP rejected the claim on 03.07.2021 because immediately after receiving the ICD amount, E-Complex Pvt Ltd transferred Rs 55,00,00,000/- to Reliance Housing Finance Ltd and Rs 1,50,00,000/- to REDSL. The RP viewed these transactions as circular, involving rotation of money among group companies. Reliance Capital Ltd then
…Reliance Capital Ltd sanctioned a loan of Rs…
Corporate Insolvency…