Angel Corporate Services filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside the rejection of their claim by the resolution professional (RP) of Harsha Exito Engineering Pvt Ltd. Angel Corporate Services claimed to have lent Rs. 2,17,50,000 to Harsha Exito Engineering, but the RP rejected the claim due to the absence of a valid loan agreement and satisfactory evidence establishing the intention to pay it as a financial debt. The applicant sought to be inducted as a financial creditor in the Committee of Creditors and requested the Tribunal to direct the RP to re-verify the books of the Corporate Debtor and admit the amount claimed.
Angel Corporate Services, an applicant in this case, claimed to be in the business of lending to micro, small, and medium enterprises. In 2019, Mr. B. Dhanraj, the managing director of Harsha Exito Engineering Pvt Ltd (the Corporate Debtor), sought funding from the applicant due to debts with banks and other creditors. The applicant allegedly lent Rs. 2,50,00,000 to the Corporate Debtor. The Corporate Debtor also faced cases before the Tribunal by Kapil Agencies. The applicant transferred Rs. 2,17,50,000 to the Corporate Debtor between October 4, 2019, and October 24, 2019. The Corporate Debtor's finance manager sent an email on January 8, 2020, confirming accounts from August 1, 2019, to December 31, 2019, showing a closing balance of Rs. 2,35,35,846, including
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Mr. B. Dhanraj of…
Operational Creditor…
Angel Corporate Services filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside the rejection of their claim by the resolution professional (RP) of Harsha Exito Engineering Pvt Ltd. Angel Corporate Services claimed to have lent Rs. 2,17,50,000 to Harsha Exito Engineering, but the RP rejected the claim due to the absence of a valid loan agreement and satisfactory evidence establishing the intention to pay it as a financial debt. The applicant sought to be inducted as a financial creditor in the Committee of Creditors and requested the Tribunal to direct the RP to re-verify the books of the Corporate Debtor and admit the amount claimed.
Angel Corporate Services, an applicant in this case, claimed to be in the business of lending to micro, small, and medium enterprises. In 2019, Mr. B. Dhanraj, the managing director of Harsha Exito Engineering Pvt Ltd (the Corporate Debtor), sought funding from the applicant due to debts with banks and other creditors. The applicant allegedly lent Rs. 2,50,00,000 to the Corporate Debtor. The Corporate Debtor also faced cases before the Tribunal by Kapil Agencies. The applicant transferred Rs. 2,17,50,000 to the Corporate Debtor between October 4, 2019, and October 24, 2019. The Corporate Debtor's finance manager sent an email on January 8, 2020, confirming accounts from August 1, 2019, to December 31, 2019, showing a closing balance of Rs. 2,35,35,846, including
…Mr. B. Dhanraj of…
Operational Creditor…