The case involves an application filed by M/s. Assam Company India Limited (ACIL) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the treatment of ACIL as an Unsecured Financial Creditor by M/s. Gujarat Hydrocarbons and Power SEZ Limited (Respondent No. 1), the Corporate Debtor. ACIL claims it should be considered a Secured Financial Creditor because it paid Rs. 38.87 Crores to M/s. SREI Infrastructure Finance Limited (Respondent No. 2) in full settlement of its claim through a resolution plan in another case (SREI vs. ACIL). This payment was made when BRS Ventures Investment Limited infused Rs. 1064 crores, assigning the debt of Respondent No. 2 to ACIL. The application seeks orders to set aside the claim of Rs. 1885.08 Cr submitted by
…M/s. SREI Infrastructure Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Gujarat Hydrocarbons and Power SEZ Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 18.11.2020, and a moratorium was declared. M/s. Assam Company India Limited (ACIL), the holding company of the Corporate Debtor, filed an application challenging its treatment as an Unsecured Financial Creditor, claiming it should be a Secured Financial Creditor because it paid Rs. 38.87 Crores to M/s. SREI Infrastructure Finance Limited in another CIRP (SREI vs. ACIL) after BRS Ventures Investment Limited infused Rs. 1064 crores, assigning the debt to ACIL. ACIL sought to set aside the claim of Rs. 1885.08 Cr submitted by
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Application under section 7 of the Insolvency…
The Resolution Plan (a revised/Final Resolution…
The case involves an application filed by M/s. Assam Company India Limited (ACIL) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the treatment of ACIL as an Unsecured Financial Creditor by M/s. Gujarat Hydrocarbons and Power SEZ Limited (Respondent No. 1), the Corporate Debtor. ACIL claims it should be considered a Secured Financial Creditor because it paid Rs. 38.87 Crores to M/s. SREI Infrastructure Finance Limited (Respondent No. 2) in full settlement of its claim through a resolution plan in another case (SREI vs. ACIL). This payment was made when BRS Ventures Investment Limited infused Rs. 1064 crores, assigning the debt of Respondent No. 2 to ACIL. The application seeks orders to set aside the claim of Rs. 1885.08 Cr submitted by
…M/s. SREI Infrastructure Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Gujarat Hydrocarbons and Power SEZ Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 18.11.2020, and a moratorium was declared. M/s. Assam Company India Limited (ACIL), the holding company of the Corporate Debtor, filed an application challenging its treatment as an Unsecured Financial Creditor, claiming it should be a Secured Financial Creditor because it paid Rs. 38.87 Crores to M/s. SREI Infrastructure Finance Limited in another CIRP (SREI vs. ACIL) after BRS Ventures Investment Limited infused Rs. 1064 crores, assigning the debt to ACIL. ACIL sought to set aside the claim of Rs. 1885.08 Cr submitted by
…Application under section 7 of the Insolvency…
The Resolution Plan (a revised/Final Resolution…