The case involves an application filed by Life Insurance Corporation of India (LIC) under Section 42 of the Insolvency and Bankruptcy Code, 2016 (IBC), challenging the rejection of its revised claim by the Liquidator of IVRCL Limited.
Life Insurance Corporation of India (LIC) extended financial assistance to IVRCL Limited in 2008 by subscribing to Secured, Redeemable, Non-Convertible Debentures (NCDs) worth Rs.200 crores.
IVRCL Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 23.02.2018, and an Order of Liquidation was passed on 26.07.2019.
Upon the Liquidator's Public Announcement dated 31.07.2019, LIC submitted its claim in Form-D on 21.08.2019, but the form lacked details on the status of relinquishment of security interest.
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Life Insurance Corporation of India (LIC)…
IVRCL Limited was…
The case involves an application filed by Life Insurance Corporation of India (LIC) under Section 42 of the Insolvency and Bankruptcy Code, 2016 (IBC), challenging the rejection of its revised claim by the Liquidator of IVRCL Limited.
Life Insurance Corporation of India (LIC) extended financial assistance to IVRCL Limited in 2008 by subscribing to Secured, Redeemable, Non-Convertible Debentures (NCDs) worth Rs.200 crores.
IVRCL Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 23.02.2018, and an Order of Liquidation was passed on 26.07.2019.
Upon the Liquidator's Public Announcement dated 31.07.2019, LIC submitted its claim in Form-D on 21.08.2019, but the form lacked details on the status of relinquishment of security interest.
…Life Insurance Corporation of India (LIC)…
IVRCL Limited was…