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2018 (5) TMI 1901 - Tri - Insolvency and BankruptcyRejection of the Applicant as a Financial Creditor of the Corporate Debtor - Section 60 (5) of the Insolvency and Bankruptcy Code 2016 - HELD THAT:- From a conjoint reading of Sections 5 (7), 5 (8), 3 (1 1), 3 (6) and 3 (8) and Regulation 13, 14 of CIRP Regulations, it is clear that the claims are invited from the creditors of the corporate debtor i.e. financial creditors, operational creditors and other creditors, and not from any person or the creditors of the holding company of the corporate debtor who is not under corporate insolvency Resolution Process. The Resolution Professional is required to verify the claims received from all the three categories of the creditors, by the regulation 13 of the CIRP Regulations and the statutory forms in which the claims are submitted. The Code, therefore, clearly envisages that claims are to be invited from the creditors of The Corporate Debtor and not as contended by the applicant. The Regulation 36 (2) (a) of the CIRP Regulations requires the Resolution Professional to place the liabilities of the corporate debtor in different classes while preparing the information memorandum of the corporate debtor in terms of sec 29 of the code. The Resolution Professional has correctly rejected the claim of the applicant on the ground that the Applicant is not a financial creditor of the corporate debtor concerning the Mortgages and the Mortgaged Debt. The resolution professional has rightly observed that guarantee and indemnity are distinct documents under the relevant laws and the mortgages executed by the corporate debtor are not like guarantee and indemnity. By the mortgage created by the corporate debtor, as collateral security for the debt of its holding company, i.e Jaiprakash Associates Ltd (JAL) in favour of the Applicant i.e. ICICI Bank , the applicant cannot be treated as Financial Creditor of' the Corporate Debtor - Application dismissed.
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