The case involves an application filed by IFCI Ltd., a financial creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. IFCI Ltd. is aggrieved by the Resolution Professional's (RP) decision to classify Respondents 2 to 5 as Secured Financial Creditors instead of Unsecured Financial Creditors. IFCI Ltd. had provided a secured loan to the Corporate Debtor, Manali Sugars Ltd., and claims a pari-pasu first charge on the Corporate Debtor's assets. The Corporate Debtor defaulted in repayment, leading IFCI Ltd. to issue a Loan Recall Notice and file an application before the Debts Recovery Tribunal. The Corporate Debtor was admitted into CIRP, and a CoC was formed. During a CoC meeting, concerns were raised about the validity of subsequent charges created
…IFCI Ltd. provided a secured loan of Rs.7,24,86,000/- to Manali Sugars Ltd. (Corporate Debtor) under a Sanction Letter dated 2012-08-14, creating a pari-pasu first charge on fixed and movable assets. A Deed of Hypothecation was executed on 2013-08-12 in favor of IFCI Ltd. The loan was disbursed on 2013-08-12. Clause 5(ix) of the Tripartite Agreement dated 2013-03-15 stipulated that the Borrower could not dispose of assets without prior written approval. The Corporate Debtor defaulted in repayment, leading IFCI Ltd. to issue a Loan Recall Notice on 2019-02-14 and file an application before the Debts Recovery Tribunal-2 on 2019-06-18. The Corporate Debtor was admitted into CIRP on 2021-03-22. During a CoC meeting on 2021-09-17, concerns were raised about the validity of
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IFCI Ltd. issued a…
Tripartite Agreement was dated, Clause 5(ix)…
The case involves an application filed by IFCI Ltd., a financial creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. IFCI Ltd. is aggrieved by the Resolution Professional's (RP) decision to classify Respondents 2 to 5 as Secured Financial Creditors instead of Unsecured Financial Creditors. IFCI Ltd. had provided a secured loan to the Corporate Debtor, Manali Sugars Ltd., and claims a pari-pasu first charge on the Corporate Debtor's assets. The Corporate Debtor defaulted in repayment, leading IFCI Ltd. to issue a Loan Recall Notice and file an application before the Debts Recovery Tribunal. The Corporate Debtor was admitted into CIRP, and a CoC was formed. During a CoC meeting, concerns were raised about the validity of subsequent charges created
…IFCI Ltd. provided a secured loan of Rs.7,24,86,000/- to Manali Sugars Ltd. (Corporate Debtor) under a Sanction Letter dated 2012-08-14, creating a pari-pasu first charge on fixed and movable assets. A Deed of Hypothecation was executed on 2013-08-12 in favor of IFCI Ltd. The loan was disbursed on 2013-08-12. Clause 5(ix) of the Tripartite Agreement dated 2013-03-15 stipulated that the Borrower could not dispose of assets without prior written approval. The Corporate Debtor defaulted in repayment, leading IFCI Ltd. to issue a Loan Recall Notice on 2019-02-14 and file an application before the Debts Recovery Tribunal-2 on 2019-06-18. The Corporate Debtor was admitted into CIRP on 2021-03-22. During a CoC meeting on 2021-09-17, concerns were raised about the validity of
…IFCI Ltd. issued a…
Tripartite Agreement was dated, Clause 5(ix)…