The case involves an application filed by Housing & Urban Development Corporation Ltd. (HUDCO) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to include HUDCO in the Committee of Creditors (CoC) of Sarga Udaipur Hotels and Resorts Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) had refused to include HUDCO in the CoC, contending that HUDCO was a related party of the corporate debtor. HUDCO argued that it was a major financial creditor and the only secured creditor, and its exclusion from the CoC was unjustified.
Sarga Udaipur Hotels and Resorts Private Limited (Corporate Debtor) is undergoing CIRP. Housing & Urban Development Corporation Ltd. (HUDCO) claims to be a financial creditor of the Corporate Debtor, with a significant outstanding loan amount of Rs. 23,82,02,414. HUDCO submitted Form C to the RP, claiming this amount. The RP approved a portion of HUDCO's claim (Rs. 20,60,55,675) but refused to include HUDCO in the CoC, arguing that HUDCO is a related party of the Corporate Debtor. The RP contended that HUDCO was a promoter of Srishti Urban Infrastructure Development Ltd. (SUIDL), which in turn was a promoter of the Corporate Debtor. HUDCO argued that it had merely sanctioned a loan to SUIDL in 2007 and appointed a nominee director on the board of the Corporate
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The case involves an application filed by Housing & Urban Development Corporation Ltd. (HUDCO) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to include HUDCO in the Committee of Creditors (CoC) of Sarga Udaipur Hotels and Resorts Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) had refused to include HUDCO in the CoC, contending that HUDCO was a related party of the corporate debtor. HUDCO argued that it was a major financial creditor and the only secured creditor, and its exclusion from the CoC was unjustified.
Sarga Udaipur Hotels and Resorts Private Limited (Corporate Debtor) is undergoing CIRP. Housing & Urban Development Corporation Ltd. (HUDCO) claims to be a financial creditor of the Corporate Debtor, with a significant outstanding loan amount of Rs. 23,82,02,414. HUDCO submitted Form C to the RP, claiming this amount. The RP approved a portion of HUDCO's claim (Rs. 20,60,55,675) but refused to include HUDCO in the CoC, arguing that HUDCO is a related party of the Corporate Debtor. The RP contended that HUDCO was a promoter of Srishti Urban Infrastructure Development Ltd. (SUIDL), which in turn was a promoter of the Corporate Debtor. HUDCO argued that it had merely sanctioned a loan to SUIDL in 2007 and appointed a nominee director on the board of the Corporate
…Hearing of the case…
Order pronounced by the…