The case involves two applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of M/s. Sanyog Healthcare Limited. IA 1837/ND/2021 was filed by the Interim Resolution Professional (IRP) to appoint an Authorized Representative for the class of creditors. IA 2544/ND/2021 was filed by HDFC Bank Ltd. objecting to the IRP's classification of HDFC Bank as an unsecured financial creditor and seeking to set aside the decision to create a distinct class of financial creditors consisting of banks and NBFCs.
M/s Rhydburg Pharmaceuticals Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sanyog Healthcare Limited under Section 9 of IBC, 2016. The application was admitted on 2021-03-12. Mr. Manohar Lal Vij was appointed as the Interim Resolution Professional (IRP). The IRP determined that many creditors of the Corporate Debtor fall into the class of unsecured financial creditors. HDFC Bank, a financial creditor, claimed to have provided loan facilities to the Corporate Debtor. HDFC Bank's claim was bifurcated by the IRP into secured and unsecured portions based on loan account numbers. HDFC Bank objected to this classification, arguing that a hypothecated vehicle provided security for all loan accounts. The IRP initiated a process to appoint an
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The case involves two applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of M/s. Sanyog Healthcare Limited. IA 1837/ND/2021 was filed by the Interim Resolution Professional (IRP) to appoint an Authorized Representative for the class of creditors. IA 2544/ND/2021 was filed by HDFC Bank Ltd. objecting to the IRP's classification of HDFC Bank as an unsecured financial creditor and seeking to set aside the decision to create a distinct class of financial creditors consisting of banks and NBFCs.
M/s Rhydburg Pharmaceuticals Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sanyog Healthcare Limited under Section 9 of IBC, 2016. The application was admitted on 2021-03-12. Mr. Manohar Lal Vij was appointed as the Interim Resolution Professional (IRP). The IRP determined that many creditors of the Corporate Debtor fall into the class of unsecured financial creditors. HDFC Bank, a financial creditor, claimed to have provided loan facilities to the Corporate Debtor. HDFC Bank's claim was bifurcated by the IRP into secured and unsecured portions based on loan account numbers. HDFC Bank objected to this classification, arguing that a hypothecated vehicle provided security for all loan accounts. The IRP initiated a process to appoint an
…Company Petit…
The application for…