2022 (5) TMI 912
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....he rejection of the claim by the Resolution Professional of the Corporate Debtor vide letter dated 23.10.2021 filed by the Applicant with respect to the corporate guarantee given by the Corporate Debtor. 2. The applicant has submitted that credit facilities aggregating to Rs. 299 crores were sanctioned to M/s. Sintex BAPL Ltd. (hereinafter referred to as "Sintex") and the Corporate Debtor has executed a corporate guarantee on 22.06.2018 in favour of the applicant. M/s. Sintex failed to comply with the obligation towards the applicant consequently the account of the M/s. Sintex was classified as NPA. The applicant issued the recall notice of Rs. 231,17,81,291.52/- to the guarantor-Corporate Debtor as well as M/s. Sintex on 12.01.2021. But, ....
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....date of the order, and liberty was granted to the respondent to oppose such motion if permissible in law. 6. In pursuant to the order dated 04.01.2021 STPL filed an application before this Authority seeking withdrawal of the CIRP. This Authority vide order dated 29.06.2021 approved the withdrawal of the CIRP of M/s. Sintex. Immediately, after the approval of withdrawing the CIRP initiated against M/s. Sintex, one intervenor who already filed an application filed a pursis seeking an urgent stay on the order allowing withdrawal of CIRP on the ground that the intervention application has been listed for further consideration on 05.07.2021. 7. This Adjudicating Authority vide order dated 30.06.2021 stayed the order dated 29.06.2021 allowing t....
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....he Corporate Debtor. However, the RP has rejected the second claim of Rs. 265,26,94,047.30/- which was submitted for the corporate guarantee provided by the Corporate Debtor for the credit facilities and the bank guarantee to M/s. Sintex vide letter bearing no. IPCPJ/SPIL/2021-22/578 dated 23.10.2021, on the ground that the IRP of M/s. Sintex has already admitted the claim of Rs. 229,17,51,364.51 for credit facilities and Rs. 10,97,00,000/- has been provisionally admitted with respect to the bank guarantee given by the applicant in favor of M/s. Sintex. 10. The applicant has further submitted the rejection of the claim by the RP of the Corporate Debtor on the ground that the claim has already been admitted by the Resolution Professional of....
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....e definition of the claim as the Corporate Debtor as well as M/s. Sintex has breached the contract and failed to pay the outstanding amount. For ready reference, we reproduce Section 3(6) of the IBC, 2016 hereunder: "3. In this Code, unless the context otherwise requires,- "(6) "claim" means- (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured;" 13. We are also of the considered view that the....
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....n CIRP of M/s. Sitex. Moreover, there is no bar in the IBC, 2016 to submit the simultaneous claim in the CIRP of the Corporate Debtor as well as in the CIRP of the corporate guarantor. For ready reference we reproduce section 60 (2) of IBC, 2016 as under; "Section 60: Adjudicating Authority for corporate persons. xxxxxxxxx (2) Without prejudice to sub-section (1) and notwithstanding anything to the contrary contained in this Code, where a corporate insolvency resolution process or liquidation proceeding of a corporate debtor is pending before a National Company Law Tribunal, an application relating to the insolvency resolution or 1 [liquidation or bankruptcy of a corporate guarantor or personal guarantor, as the case may be, of such c....