The case involves an application by IL&FS Financial Services Limited, the Financial Creditor, against Rajendra K. Bhuta, the Liquidator of Guruashish Constructions Private Limited, the Corporate Debtor. The Financial Creditor sought the Tribunal's intervention to set aside the Liquidator's decision dated 18.11.2020, which partially rejected their claim. The Corporate Debtor was admitted into CIRP on 24.07.2017, and subsequently liquidated on 04.09.2020. The Liquidator partially rejected a claim of Rs. 3,38,67,858/- out of a total claim of Rs. 10,86,23,598/-, citing that the Applicant was claiming interest on interest already charged over the loan facility. The applicant had entered into a loan agreement dated 17.11.2011 with the Corporate Debtor and granted a loan
…IL&FS Financial Services Limited (Applicant) filed a claim against Guruashish Constructions Private Limited (Corporate Debtor), which is under liquidation. The Corporate Debtor was admitted into CIRP on 24.07.2017 and subsequently liquidated on 04.09.2020. The Applicant had extended loans to the Corporate Debtor and its group company, Serveall Construction Private Limited, under loan agreements dated 17.11.2011 and 30.06.2015, respectively. The Corporate Debtor also provided a corporate guarantee and mortgage over its assets to secure the loan granted to Serveall Construction Private Limited. The Applicant filed proof of claims for both loans. The Liquidator partially rejected a portion of the Applicant's claim amounting to Rs. 3,38,67,858/-, specifically the
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Applicant entered into a…
Applicant entered into a loan agreement with…
The case involves an application by IL&FS Financial Services Limited, the Financial Creditor, against Rajendra K. Bhuta, the Liquidator of Guruashish Constructions Private Limited, the Corporate Debtor. The Financial Creditor sought the Tribunal's intervention to set aside the Liquidator's decision dated 18.11.2020, which partially rejected their claim. The Corporate Debtor was admitted into CIRP on 24.07.2017, and subsequently liquidated on 04.09.2020. The Liquidator partially rejected a claim of Rs. 3,38,67,858/- out of a total claim of Rs. 10,86,23,598/-, citing that the Applicant was claiming interest on interest already charged over the loan facility. The applicant had entered into a loan agreement dated 17.11.2011 with the Corporate Debtor and granted a loan
…IL&FS Financial Services Limited (Applicant) filed a claim against Guruashish Constructions Private Limited (Corporate Debtor), which is under liquidation. The Corporate Debtor was admitted into CIRP on 24.07.2017 and subsequently liquidated on 04.09.2020. The Applicant had extended loans to the Corporate Debtor and its group company, Serveall Construction Private Limited, under loan agreements dated 17.11.2011 and 30.06.2015, respectively. The Corporate Debtor also provided a corporate guarantee and mortgage over its assets to secure the loan granted to Serveall Construction Private Limited. The Applicant filed proof of claims for both loans. The Liquidator partially rejected a portion of the Applicant's claim amounting to Rs. 3,38,67,858/-, specifically the
…Applicant entered into a…
Applicant entered into a loan agreement with…