The matter pertains to an application filed by some debenture holders of Kerala Housing Finance Limited (KHFL), the Corporate Debtor (CD) under Corporate Insolvency Resolution Process (CIRP), against the Resolution Professional (RP) and the Authorised Representative (AR) of the debenture holders. The applicants, who are financial creditors and members of the Committee of Creditors (COC), sought directions to the RP to identify and determine preferential, undervalued, extortionate credit, and fraudulent transactions under Sections 43 to 50 of the Insolvency and Bankruptcy Code (IBC), 2016. They also sought directions for the RP to conduct a COC meeting for approving the publication of an 'Invitation for Expression of Interest' and for the AR to obtain prior voting
…Kerala Housing Finance Limited (KHFL), a housing finance company with 28 branches in Kerala, was admitted into CIRP on 18.09.2019. The Resolution Professional (RP) constituted a Committee of Creditors (COC) with 6547 NCD holders forming 99.93% of the COC and ICICI Bank forming the remaining 0.07%. The total debt owed to the NCD holders was over Rs.236 crores, with the applicants being owed Rs.57.87 lakh (0.24% of the COC). The applicants alleged that the RP and Authorised Representative (AR) did not communicate matters regarding the CIRP or conduct meetings with NCD holders. The RP stated that 4 out of 9 applicants had provided email IDs and were duly informed of communications. The RP also stated that the CD's records were confiscated by the Police Crime Branch,
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Kerala Housing Finance…
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The matter pertains to an application filed by some debenture holders of Kerala Housing Finance Limited (KHFL), the Corporate Debtor (CD) under Corporate Insolvency Resolution Process (CIRP), against the Resolution Professional (RP) and the Authorised Representative (AR) of the debenture holders. The applicants, who are financial creditors and members of the Committee of Creditors (COC), sought directions to the RP to identify and determine preferential, undervalued, extortionate credit, and fraudulent transactions under Sections 43 to 50 of the Insolvency and Bankruptcy Code (IBC), 2016. They also sought directions for the RP to conduct a COC meeting for approving the publication of an 'Invitation for Expression of Interest' and for the AR to obtain prior voting
…Kerala Housing Finance Limited (KHFL), a housing finance company with 28 branches in Kerala, was admitted into CIRP on 18.09.2019. The Resolution Professional (RP) constituted a Committee of Creditors (COC) with 6547 NCD holders forming 99.93% of the COC and ICICI Bank forming the remaining 0.07%. The total debt owed to the NCD holders was over Rs.236 crores, with the applicants being owed Rs.57.87 lakh (0.24% of the COC). The applicants alleged that the RP and Authorised Representative (AR) did not communicate matters regarding the CIRP or conduct meetings with NCD holders. The RP stated that 4 out of 9 applicants had provided email IDs and were duly informed of communications. The RP also stated that the CD's records were confiscated by the Police Crime Branch,
…Kerala Housing Finance…
Applicants claim they…