The case involves applications (IA Nos. 633/2022 & 696/2022) filed by the suspended directors of a corporate debtor, RBT Private Limited, against the Resolution Professional and the South Indian Bank. The suspended directors, Rajan Chadha and Rajiv Chadha, sought directions to prevent the bank from pursuing recovery proceedings against them and to be treated as financial creditors due to EMIs they paid towards the corporate debtor's loan. The corporate debtor, operationally managed by Mr. Sanjay Arora, entered CIRP on 18.06.2021. The applicants had entered into a Memorandum of Understanding (MOU) with Mr. Sanjay Arora, another director, where he was to repay the loan to South Indian Bank and release the collateral security (the applicants' residential house).
…Rajan Chadha and Rajiv Chadha, suspended directors of RBT Private Limited, filed applications against the Resolution Professional and South Indian Bank. RBT Private Limited entered CIRP on 18.06.2021. Prior to CIRP, the Chadhas entered into an MOU with Sanjay Arora, another director, where Arora would repay the South Indian Bank loan and release the Chadhas' residential house used as collateral. Arora defaulted on EMIs. The Chadhas paid Rs. 73,39,140 and later Rs. 90,66,140 towards the loan to prevent the attachment of their house. The Chadhas sought to be treated as financial creditors and to restrain the bank from invoking the collateral security. The bank issued a guarantee invocation letter dated 26.05.2022. The MOU was dated 21.12.2019. An arbitrator directed
…Sign in to view the parties.
Memorandum of Understanding (MOU) was signed…
The corporate debtor…
The case involves applications (IA Nos. 633/2022 & 696/2022) filed by the suspended directors of a corporate debtor, RBT Private Limited, against the Resolution Professional and the South Indian Bank. The suspended directors, Rajan Chadha and Rajiv Chadha, sought directions to prevent the bank from pursuing recovery proceedings against them and to be treated as financial creditors due to EMIs they paid towards the corporate debtor's loan. The corporate debtor, operationally managed by Mr. Sanjay Arora, entered CIRP on 18.06.2021. The applicants had entered into a Memorandum of Understanding (MOU) with Mr. Sanjay Arora, another director, where he was to repay the loan to South Indian Bank and release the collateral security (the applicants' residential house).
…Rajan Chadha and Rajiv Chadha, suspended directors of RBT Private Limited, filed applications against the Resolution Professional and South Indian Bank. RBT Private Limited entered CIRP on 18.06.2021. Prior to CIRP, the Chadhas entered into an MOU with Sanjay Arora, another director, where Arora would repay the South Indian Bank loan and release the Chadhas' residential house used as collateral. Arora defaulted on EMIs. The Chadhas paid Rs. 73,39,140 and later Rs. 90,66,140 towards the loan to prevent the attachment of their house. The Chadhas sought to be treated as financial creditors and to restrain the bank from invoking the collateral security. The bank issued a guarantee invocation letter dated 26.05.2022. The MOU was dated 21.12.2019. An arbitrator directed
…Memorandum of Understanding (MOU) was signed…
The corporate debtor…