TMI Blog2018 (5) TMI 1901X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the decision of the Resolution Professional of Jay-pee Infratech Ltd (the Corporate Debtor)in rejecting the claim of the applicant as a Financial Creditor of the corporate debtor on Account or the security provided for the facilities granted by the applicant to the holding company of the Corporate Debtor namely Jayprakash Associates Ltd ( JAL ) by its letter dated 24 November 2017 and 16 December 2017, In the aforesaid letters the Resolution Professional inter-alias stated that the applicant can not be termed as-the Financial Creditor as defined under Sec 5 (7) of the Code and that the claim does not amount .to Financial Debt under sec 5 (8) of the code in relation to the security provided by the Corporate Debtor for the loans of JAL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny, i.e. JAL. On perusal of mortgage it is clear that the corporate debtor has neither given any guarantee to repay or any indemnity qua the repayment of the loans granted by the applicant to JAL. The definition Of Mortgage Debt as per the mortgage deed dated 7 March 2017 is as under: Mortgage debt shall mean the principal amount of the facility, all interest therein additional interest, default interest, liquidated damages, fees, costs: charges, expenses, any other amounts due and payable to secured parties under the transaction documents, premia on prepayment, costs, charges, and expenses and other monies whatsoever stipulated in or payable together with other debts and liabilities of JAL to lender under the transaction document ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tended 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. On the above basis, we are of the view that 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... beyond the control of the respondent, as stipulated in the later part of the Memorandum of Understanding. It was agreed upon by the respondent that since the appellants have paid most of the amount the respondent was ready to pay monthly committed returns to the appellants. However, as the appellants were not required the monthly return till December 2008 i.e. for 9 months so the Respondent-Corporate Debtor undertook to make a consolidated payment of ₹ 99,600/- less TDS For every calendar month the Corporate Debtor was liable to pay committee return w.e.J.- January 2009 till the date of handing over of the possession to the appellants. Therefore, it is clear {hat the amount disbursed by the appellants was against the consideration o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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