This case involves an application (IA/4194/2024) filed in C.P. (I.B) No. 119/MB/2021 before the National Company Law Tribunal (NCLT), Mumbai Bench, concerning the interpretation of a corporate guarantee. Seeta Neeraj Shah, a suspended director of Ushdev Engitech Limited (UEL), which is undergoing Corporate Insolvency Resolution Process (CIRP), filed the application. The core dispute revolves around whether the liability of the applicant guarantor under a corporate guarantee is capped at Rs. 25 Crores, as per Clause 33 of the guarantee, or whether it extends to default interest exceeding this cap. ICICI Bank, the financial creditor, claims that the liability includes default interest, while the applicant argues that Clause 33 imposes a strict limit. The Resolution
…Ushdev Engitech Limited (UEL) is undergoing Corporate Insolvency Resolution Process (CIRP) following an admission order dated 2023-04-26. ICICI Bank is the Financial Creditor of the Corporate Debtor. The Corporate Debtor executed a Corporate Guarantee dated 2016-08-10 in favor of ICICI Bank to secure the repayment of certain loan facilities availed by its parent company, Ushdev International Limited (UIL). Clause 33 of the Corporate Guarantee provides that the liability of Ushdev Engitech Limited under the Corporate Guarantee is capped at Rs. 25 Crores. Ushdev International Limited (UIL) defaulted, and ICICI Bank invoked the Corporate Guarantee on 2017-10-16, demanding payment of Rs. 25 Crores from UEL. ICICI Bank filed a revised claim form with the Resolution
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The Corporate Debtor executed a Corporate…
ICICI Bank invoked the…
This case involves an application (IA/4194/2024) filed in C.P. (I.B) No. 119/MB/2021 before the National Company Law Tribunal (NCLT), Mumbai Bench, concerning the interpretation of a corporate guarantee. Seeta Neeraj Shah, a suspended director of Ushdev Engitech Limited (UEL), which is undergoing Corporate Insolvency Resolution Process (CIRP), filed the application. The core dispute revolves around whether the liability of the applicant guarantor under a corporate guarantee is capped at Rs. 25 Crores, as per Clause 33 of the guarantee, or whether it extends to default interest exceeding this cap. ICICI Bank, the financial creditor, claims that the liability includes default interest, while the applicant argues that Clause 33 imposes a strict limit. The Resolution
…Ushdev Engitech Limited (UEL) is undergoing Corporate Insolvency Resolution Process (CIRP) following an admission order dated 2023-04-26. ICICI Bank is the Financial Creditor of the Corporate Debtor. The Corporate Debtor executed a Corporate Guarantee dated 2016-08-10 in favor of ICICI Bank to secure the repayment of certain loan facilities availed by its parent company, Ushdev International Limited (UIL). Clause 33 of the Corporate Guarantee provides that the liability of Ushdev Engitech Limited under the Corporate Guarantee is capped at Rs. 25 Crores. Ushdev International Limited (UIL) defaulted, and ICICI Bank invoked the Corporate Guarantee on 2017-10-16, demanding payment of Rs. 25 Crores from UEL. ICICI Bank filed a revised claim form with the Resolution
…The Corporate Debtor executed a Corporate…
ICICI Bank invoked the…