The case involves an application (IA No. 1311/2022) filed by State Bank of India (SBI) against Mr. Mukesh Gupta, the Resolution Professional (RP) of M/s Area Importers and Exporters Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules. The CIRP proceedings were initiated against M/s Gupta Builders and Promoters Private Limited ('Corporate Debtor') on 31.05.2022. SBI sought to be recognized as a financial creditor, claiming Rs.24,59,41,768/- as of the CIRP date, based on loans provided to 131 borrowers under a Tripartite Agreement involving the borrowers, SBI, and the Corporate Debtor. The RP argued that SBI's claim was filed late and that the loans were disbursed to individual allottees, not the Corporate Debtor
…The State Bank of India (SBI) filed an application to be recognized as a financial creditor in the Corporate Insolvency Resolution Process (CIRP) of M/s Gupta Builders and Promoters Private Limited. The CIRP was initiated on 31.05.2022. SBI's claim amounted to Rs.24,59,41,768/- as of the CIRP date. SBI had provided home loans to 131 borrowers, and a Tripartite Agreement was in place between the borrowers, SBI, and the Corporate Debtor. The agreement stipulated that SBI would have a first lien over the flats for which loans were granted. The Resolution Professional (RP) argued that SBI's claim was filed late, 101 days after the CIRP commencement date, beyond the 90-day limit prescribed by IBBI regulations. The RP also contended that the loans were disbursed to
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CIRP proceedings initiated against M/s Gupta…
Interim Resolution…
The case involves an application (IA No. 1311/2022) filed by State Bank of India (SBI) against Mr. Mukesh Gupta, the Resolution Professional (RP) of M/s Area Importers and Exporters Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules. The CIRP proceedings were initiated against M/s Gupta Builders and Promoters Private Limited ('Corporate Debtor') on 31.05.2022. SBI sought to be recognized as a financial creditor, claiming Rs.24,59,41,768/- as of the CIRP date, based on loans provided to 131 borrowers under a Tripartite Agreement involving the borrowers, SBI, and the Corporate Debtor. The RP argued that SBI's claim was filed late and that the loans were disbursed to individual allottees, not the Corporate Debtor
…The State Bank of India (SBI) filed an application to be recognized as a financial creditor in the Corporate Insolvency Resolution Process (CIRP) of M/s Gupta Builders and Promoters Private Limited. The CIRP was initiated on 31.05.2022. SBI's claim amounted to Rs.24,59,41,768/- as of the CIRP date. SBI had provided home loans to 131 borrowers, and a Tripartite Agreement was in place between the borrowers, SBI, and the Corporate Debtor. The agreement stipulated that SBI would have a first lien over the flats for which loans were granted. The Resolution Professional (RP) argued that SBI's claim was filed late, 101 days after the CIRP commencement date, beyond the 90-day limit prescribed by IBBI regulations. The RP also contended that the loans were disbursed to
…CIRP proceedings initiated against M/s Gupta…
Interim Resolution…