Hive Carbon-Zero Developers Private Limited filed IA (I.B.C) No. 192/MB/2025 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside emails from the Resolution Professional (RP) rejecting their claim. The applicant, a majority shareholder of the Corporate Debtor (CD), had extended financial assistance to the CD, which was admitted into CIRP under Section 7 of the IBC. The RP rejected the applicant's claim due to issues with the Board Resolution, signatures on the Claim Form, and the claim not being considered a financial debt.
Hive Carbon-Zero Developers Private Limited (Applicant) extended financial assistance to M/s. Snehanjali and S.B. Developers Private Limited (Corporate Debtor/CD) based on a request letter dated 19.07.2023. A loan agreement was executed on 28.07.2023 for Rs.68,00,00,000/- at 15% interest. The Applicant disbursed Rs.52,30,02,640/- on 28.07.2023. The CD was admitted into CIRP under Section 7 of the IBC. The Applicant submitted a claim as a financial debt on 11.06.2024 in Form C on 30.05.2024. The RP requested rectifications on 18.06.2024, which the Applicant complied with on 27.06.2024. The RP rejected the claim on 22.07.2024, citing the absence of a Board Resolution and authorized signatory. The Applicant provided an extract of the Board Resolution on 30.07.2024. The RP
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Hive Carbon-Zero Developers Private Limited filed IA (I.B.C) No. 192/MB/2025 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside emails from the Resolution Professional (RP) rejecting their claim. The applicant, a majority shareholder of the Corporate Debtor (CD), had extended financial assistance to the CD, which was admitted into CIRP under Section 7 of the IBC. The RP rejected the applicant's claim due to issues with the Board Resolution, signatures on the Claim Form, and the claim not being considered a financial debt.
Hive Carbon-Zero Developers Private Limited (Applicant) extended financial assistance to M/s. Snehanjali and S.B. Developers Private Limited (Corporate Debtor/CD) based on a request letter dated 19.07.2023. A loan agreement was executed on 28.07.2023 for Rs.68,00,00,000/- at 15% interest. The Applicant disbursed Rs.52,30,02,640/- on 28.07.2023. The CD was admitted into CIRP under Section 7 of the IBC. The Applicant submitted a claim as a financial debt on 11.06.2024 in Form C on 30.05.2024. The RP requested rectifications on 18.06.2024, which the Applicant complied with on 27.06.2024. The RP rejected the claim on 22.07.2024, citing the absence of a Board Resolution and authorized signatory. The Applicant provided an extract of the Board Resolution on 30.07.2024. The RP
…The Corporate Debtor…
The Applicant and CD…