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 by the Resolution Professional (RP). The claim comprised a principal amount of Rs 57,00,00,000 plus interest thereon, stemming from an Inter Corporate Deposit (ICD) facility agreement dated 2017-05-02. The RP initiated Corporate Insolvency Resolution Professional (CIRP) against E-Complex Pvt Ltd following an order dated 2020-12-09. The RP rejected Reliance Capital's claim, citing concerns about the genuineness of the transaction.
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 2017-05-02. The facility was repayable with interest. Following the initiation of Corporate Insolvency Resolution Professional (CIRP) against E-Complex Pvt Ltd on 2020-12-09, Reliance Capital filed a claim for Rs 82,70,85,616, including principal and interest, on 2021-02-18. The Resolution Professional (RP) rejected the claim, citing concerns about the genuineness of the transaction. The RP observed that 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, both group companies. The RP viewed these transfers as circular
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Reliance Capital Ltd sanctioned a loan of Rs…
Corporate Insolvency Resolution Professional…
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 by the Resolution Professional (RP). The claim comprised a principal amount of Rs 57,00,00,000 plus interest thereon, stemming from an Inter Corporate Deposit (ICD) facility agreement dated 2017-05-02. The RP initiated Corporate Insolvency Resolution Professional (CIRP) against E-Complex Pvt Ltd following an order dated 2020-12-09. The RP rejected Reliance Capital's claim, citing concerns about the genuineness of the transaction.
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 2017-05-02. The facility was repayable with interest. Following the initiation of Corporate Insolvency Resolution Professional (CIRP) against E-Complex Pvt Ltd on 2020-12-09, Reliance Capital filed a claim for Rs 82,70,85,616, including principal and interest, on 2021-02-18. The Resolution Professional (RP) rejected the claim, citing concerns about the genuineness of the transaction. The RP observed that 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, both group companies. The RP viewed these transfers as circular
…Reliance Capital Ltd sanctioned a loan of Rs…
Corporate Insolvency Resolution Professional…