PSL Engineering Pte. Ltd. filed an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Navin Khandelwal, the Resolution Professional of K.H. Forges India Pvt. Ltd., challenging the rejection of its claim as a Financial Creditor. The applicant sought condonation of a 109-day delay in filing its claim, quashing of the rejection email, direction to the Respondent and Committee of Creditors to restart the CIRP process with the applicant's claim included, and admission of the applicant's claim of Rs. 2,18,10,908/- in the CIRP. The applicant, a Singapore-based company, had issued Stand By Line of Credit (SBLC) to K.H. Forges India Pvt. Ltd., which was invoked in May 2019, leading to the applicant's claim.
PSL Engineering Pte. Ltd., a Singapore-based company, issued Stand By Line of Credit (SBLC) of SGD 2,000,000 to K.H. Forges India Pvt. Ltd. through United Overseas Bank. The SBLC was invoked in May 2019, resulting in a claim of Rs. 9 crores for PSL Engineering. K.H. Forges India Pvt. Ltd. was admitted into CIRP on 13.12.2021. The last date to submit claims was 21.01.2022. PSL Engineering filed its claim on 14.09.2022, which was rejected by the Resolution Professional (RP) on 27.11.2022 due to being beyond the limitation period. The CIRP period of 270 days was completed on 04.10.2022. Two debtors of K.H. Forges India, Shiv Amar Realty Ltd. and Raheja International, owed Rs. 1.61 crores. PSL Engineering claimed they were unaware of the CIRP due to being based in
…Sign in to view the parties.
Agreement between PSL Engineering Pte. Ltd. and…
The Stand By Line of…
PSL Engineering Pte. Ltd. filed an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Navin Khandelwal, the Resolution Professional of K.H. Forges India Pvt. Ltd., challenging the rejection of its claim as a Financial Creditor. The applicant sought condonation of a 109-day delay in filing its claim, quashing of the rejection email, direction to the Respondent and Committee of Creditors to restart the CIRP process with the applicant's claim included, and admission of the applicant's claim of Rs. 2,18,10,908/- in the CIRP. The applicant, a Singapore-based company, had issued Stand By Line of Credit (SBLC) to K.H. Forges India Pvt. Ltd., which was invoked in May 2019, leading to the applicant's claim.
PSL Engineering Pte. Ltd., a Singapore-based company, issued Stand By Line of Credit (SBLC) of SGD 2,000,000 to K.H. Forges India Pvt. Ltd. through United Overseas Bank. The SBLC was invoked in May 2019, resulting in a claim of Rs. 9 crores for PSL Engineering. K.H. Forges India Pvt. Ltd. was admitted into CIRP on 13.12.2021. The last date to submit claims was 21.01.2022. PSL Engineering filed its claim on 14.09.2022, which was rejected by the Resolution Professional (RP) on 27.11.2022 due to being beyond the limitation period. The CIRP period of 270 days was completed on 04.10.2022. Two debtors of K.H. Forges India, Shiv Amar Realty Ltd. and Raheja International, owed Rs. 1.61 crores. PSL Engineering claimed they were unaware of the CIRP due to being based in
…Agreement between PSL Engineering Pte. Ltd. and…
The Stand By Line of…