Union Bank of India, a financial creditor of Kudos Chemie Ltd., filed an application (IA No.333/2021) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for Respondent No.1 (Resolution Professional) to distribute Rs.17.26 Crores to the applicant as per Option No.3, assuming the Corporate Debt Restructuring (CDR) was never implemented, and in accordance with Section 53 of the Code. The applicant argued that the CDR package was never implemented, and therefore, the distribution should be based on the security interest prior to CDR implementation. The Committee of Creditors (CoC) approved a resolution plan with 97.61% voting share, distributing assets as per claims admitted by the Resolution Professional, which the applicant dissented
…1. Corporation Bank (now merged with Union Bank of India) initially granted credit facilities to Kudos Chemie Ltd.
2. The credit limits were restructured under a CDR package led by Punjab National Bank on 29.12.2014, with a cut-off date of 28.02.2014.
3. The applicant's Term Loan outstanding was Rs.29.15 Crores, constituting 7.419% of the total Term Loan limits at the cut-off date.
4. The promoters of Kudos Chemie failed to meet the conditions of the Master Restructuring Agreement (MRA).
5. The CDR Cell approved the exit of Kudos Chemie from the CDR mechanism on 30.09.2016 due to non-compliance.
6. The applicant claimed entitlement to Rs.17.26 Crores under Option No.3, assuming the CDR was never implemented.
7. The Committee of Creditors (CoC) approved a resolution plan with
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Union Bank of India, a financial creditor of Kudos Chemie Ltd., filed an application (IA No.333/2021) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for Respondent No.1 (Resolution Professional) to distribute Rs.17.26 Crores to the applicant as per Option No.3, assuming the Corporate Debt Restructuring (CDR) was never implemented, and in accordance with Section 53 of the Code. The applicant argued that the CDR package was never implemented, and therefore, the distribution should be based on the security interest prior to CDR implementation. The Committee of Creditors (CoC) approved a resolution plan with 97.61% voting share, distributing assets as per claims admitted by the Resolution Professional, which the applicant dissented
…1. Corporation Bank (now merged with Union Bank of India) initially granted credit facilities to Kudos Chemie Ltd.
2. The credit limits were restructured under a CDR package led by Punjab National Bank on 29.12.2014, with a cut-off date of 28.02.2014.
3. The applicant's Term Loan outstanding was Rs.29.15 Crores, constituting 7.419% of the total Term Loan limits at the cut-off date.
4. The promoters of Kudos Chemie failed to meet the conditions of the Master Restructuring Agreement (MRA).
5. The CDR Cell approved the exit of Kudos Chemie from the CDR mechanism on 30.09.2016 due to non-compliance.
6. The applicant claimed entitlement to Rs.17.26 Crores under Option No.3, assuming the CDR was never implemented.
7. The Committee of Creditors (CoC) approved a resolution plan with
The charge of the Lender-Bank was registered…
Cut-off date for the…