The case involves an application filed by Bank of Baroda, a financial creditor of Mercator Petroleum Limited (the Corporate Debtor), against UTI Structured Debt Opportunities Fund-I (UTI), another financial creditor holding a majority voting share (68.20%) in the Committee of Creditors (CoC). Bank of Baroda sought to restrain UTI from abusing its majority voting share and alleged malafide acts by UTI in the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was admitted into CIRP on August 31, 2020. The applicant challenged UTI's resolutions, and the matter was sub-judice. UTI filed a claim in the CIRP as a beneficiary of a corporate guarantee issued by the Corporate Debtor. Bank of Baroda alleged that UTI failed to disclose recoveries made from
…Mercator Petroleum Limited is the Corporate Debtor. Bank of Baroda, holding 31.80% voting share in the CoC, filed an application against UTI Structured Debt Opportunities Fund-I, which holds 68.20% voting share. The Corporate Debtor was admitted into CIRP on August 31, 2020. UTI filed a claim as a beneficiary of a corporate guarantee. Bank of Baroda alleged UTI failed to disclose recoveries. UTI sought to replace the Resolution Professional. Bank of Baroda filed several interlocutory applications. Bank of Baroda and UTI reached a commercial understanding to distribute the proceeds from the resolution plan in a 60:40 ratio. A resolution plan was approved by both parties and is pending approval by the Adjudicating Authority. The applicant agreed to withdraw certain
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The case involves an application filed by Bank of Baroda, a financial creditor of Mercator Petroleum Limited (the Corporate Debtor), against UTI Structured Debt Opportunities Fund-I (UTI), another financial creditor holding a majority voting share (68.20%) in the Committee of Creditors (CoC). Bank of Baroda sought to restrain UTI from abusing its majority voting share and alleged malafide acts by UTI in the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was admitted into CIRP on August 31, 2020. The applicant challenged UTI's resolutions, and the matter was sub-judice. UTI filed a claim in the CIRP as a beneficiary of a corporate guarantee issued by the Corporate Debtor. Bank of Baroda alleged that UTI failed to disclose recoveries made from
…Mercator Petroleum Limited is the Corporate Debtor. Bank of Baroda, holding 31.80% voting share in the CoC, filed an application against UTI Structured Debt Opportunities Fund-I, which holds 68.20% voting share. The Corporate Debtor was admitted into CIRP on August 31, 2020. UTI filed a claim as a beneficiary of a corporate guarantee. Bank of Baroda alleged UTI failed to disclose recoveries. UTI sought to replace the Resolution Professional. Bank of Baroda filed several interlocutory applications. Bank of Baroda and UTI reached a commercial understanding to distribute the proceeds from the resolution plan in a 60:40 ratio. A resolution plan was approved by both parties and is pending approval by the Adjudicating Authority. The applicant agreed to withdraw certain
…Filing of the…
Corporate Debtor…
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