The case involves two applications, IA/1165/2020 and IA/1166/2020, filed by Reliance Commercial Finance Ltd. against the Resolution Professional (RP) of Vasan Health Care Private Limited. These applications challenge the RP's rejection of the applicant's claims, arguing that the claims should be considered as 'Financial Debt' rather than 'Operational Debt'. The dispute arises from a Master Rental Agreement (MRA) between Rentworks India Pvt. Ltd (RWIPL) and Vasan Health Care, where RWIPL provided equipment to Vasan Health Care in exchange for rent. RWIPL later assigned its receivables to Reliance Capital Ltd., and subsequently, a Facility Agreement was executed between Reliance Commercial Finance and Vasan Health Care, converting the outstanding rental arrears into a
…Rentworks India Pvt. Ltd (RWIPL) and Vasan Health Care Private Limited entered into a Master Rental Agreement (MRA) on 2011-06-29, where RWIPL agreed to provide equipment to Vasan Health Care in consideration of rent. Clause 26 of the MRA allowed RWIPL to assign its rights and obligations to another party, with Vasan Health Care acknowledging the new owner of the equipment. RWIPL subsequently sold the receivables under the Rental Agreement and assigned the Collateral Securities to Reliance Capital Ltd. RWIPL and Reliance Capital Ltd. executed Deeds of Hypothecation, creating a charge over the equipment owned by RWIPL. Vasan Health Care made intermittent payments but, as of December 2015, had arrears of Rs. 31,35,43,346/-. Reliance Commercial Finance and Vasan Health
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RWIPL and Vasan Health Care Private Limited…
Vasan Health Care had arrears of Rs.…
The case involves two applications, IA/1165/2020 and IA/1166/2020, filed by Reliance Commercial Finance Ltd. against the Resolution Professional (RP) of Vasan Health Care Private Limited. These applications challenge the RP's rejection of the applicant's claims, arguing that the claims should be considered as 'Financial Debt' rather than 'Operational Debt'. The dispute arises from a Master Rental Agreement (MRA) between Rentworks India Pvt. Ltd (RWIPL) and Vasan Health Care, where RWIPL provided equipment to Vasan Health Care in exchange for rent. RWIPL later assigned its receivables to Reliance Capital Ltd., and subsequently, a Facility Agreement was executed between Reliance Commercial Finance and Vasan Health Care, converting the outstanding rental arrears into a
…Rentworks India Pvt. Ltd (RWIPL) and Vasan Health Care Private Limited entered into a Master Rental Agreement (MRA) on 2011-06-29, where RWIPL agreed to provide equipment to Vasan Health Care in consideration of rent. Clause 26 of the MRA allowed RWIPL to assign its rights and obligations to another party, with Vasan Health Care acknowledging the new owner of the equipment. RWIPL subsequently sold the receivables under the Rental Agreement and assigned the Collateral Securities to Reliance Capital Ltd. RWIPL and Reliance Capital Ltd. executed Deeds of Hypothecation, creating a charge over the equipment owned by RWIPL. Vasan Health Care made intermittent payments but, as of December 2015, had arrears of Rs. 31,35,43,346/-. Reliance Commercial Finance and Vasan Health
…RWIPL and Vasan Health Care Private Limited…
Vasan Health Care had arrears of Rs.…