The case involves an application filed by Dynamix Growth Avenues Private Limited ('Applicant') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') read with Rule 11 of National Company Law Tribunal Rules, seeking to be included in the Committee of Creditors (CoC) of the Corporate Debtor, Modern Syntex (India) Limited. The Applicant claimed to be a financial creditor based on assignment deeds from three assignor companies. The Resolution Professional (RP) and the Financial Creditor opposed the application, contending that the assignor companies were related parties to the Corporate Debtor and that the assignments were intended to frustrate the CIRP proceedings. The main application bearing number CP (IB) No.39(PB)/2018 was filed by the
…Dynamix Growth Avenues Pvt Ltd. filed an application to be included in the Committee of Creditors (CoC) of Modern Syntex (India) Limited, the Corporate Debtor, based on assignment deeds from three companies: Modern Terry Towels, Pallavi Synthetics Private Limited, and Midas Powertech Private Limited. The total claim was approximately Rs. 13000 Crores. Modern Terry Towels was a guarantor for a loan taken by the Corporate Debtor from Unique Credit Bank AG, Germany, and settled the loan after a decree was obtained. Pallavi Synthetics Private Limited claimed to have extended a loan to the Corporate Debtor, which was settled by Mashreq Bank. Midas Powertech Private Limited claimed to have provided financial facilities to the Corporate Debtor. The RP and the Financial
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The main application bearing number CP (IB)…
CIRP was initiated against the Corporate Debtor…
The case involves an application filed by Dynamix Growth Avenues Private Limited ('Applicant') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('IBC'/'Code') read with Rule 11 of National Company Law Tribunal Rules, seeking to be included in the Committee of Creditors (CoC) of the Corporate Debtor, Modern Syntex (India) Limited. The Applicant claimed to be a financial creditor based on assignment deeds from three assignor companies. The Resolution Professional (RP) and the Financial Creditor opposed the application, contending that the assignor companies were related parties to the Corporate Debtor and that the assignments were intended to frustrate the CIRP proceedings. The main application bearing number CP (IB) No.39(PB)/2018 was filed by the
…Dynamix Growth Avenues Pvt Ltd. filed an application to be included in the Committee of Creditors (CoC) of Modern Syntex (India) Limited, the Corporate Debtor, based on assignment deeds from three companies: Modern Terry Towels, Pallavi Synthetics Private Limited, and Midas Powertech Private Limited. The total claim was approximately Rs. 13000 Crores. Modern Terry Towels was a guarantor for a loan taken by the Corporate Debtor from Unique Credit Bank AG, Germany, and settled the loan after a decree was obtained. Pallavi Synthetics Private Limited claimed to have extended a loan to the Corporate Debtor, which was settled by Mashreq Bank. Midas Powertech Private Limited claimed to have provided financial facilities to the Corporate Debtor. The RP and the Financial
…The main application bearing number CP (IB)…
CIRP was initiated against the Corporate Debtor…