https://www.taxtmi.com/caselaws?id=281884 NCLT Allahabad dismissed application seeking recognition as financial creditor of corporate debtor. Tribunal held that claims can only be invited from creditors of the corporate debtor itself, not from creditors of holding company. Applicant bank's mortgage rights over corporate debtor's assets as collateral security for holding company's debt did not establish financial creditor relationship with corporate debtor. Resolution Professional correctly rejected claim as mortgage documents are distinct from guarantee/indemnity arrangements. Application dismissed under Section 60(5) of Insolvency and Bankruptcy Code 2016. en-us Wed, 09 May 2018 00:00:00 +0530 Wed, 26 Feb 2025 15:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281884 NCLT Allahabad dismissed application seeking recognition as financial creditor of corporate debtor. Tribunal held that claims can only be invited from creditors of the corporate debtor itself, not from creditors of holding company. Applicant bank's mortgage rights over corporate debtor's assets as collateral security for holding company's debt did not establish financial creditor relationship with corporate debtor. Resolution Professional correctly rejected claim as mortgage documents are distinct from guarantee/indemnity arrangements. Application dismissed under Section 60(5) of Insolvency and Bankruptcy Code 2016. Case-Laws IBC Wed, 09 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281884