https://www.taxtmi.com/caselaws?id=291201 The tribunal ruled that uninvoked corporate guarantees cannot be considered claims under the Insolvency & Bankruptcy Code. Such guarantees should not impact the determination of voting shares, which are based on financial debt owed. The tribunal found the Resolution Professional's inclusion of the uninvoked guarantee in determining voting shares inconsistent and appointed a new RP to ensure smooth implementation of the Corporate Insolvency Resolution Process. ICICI Bank's claim and voting share are to be recomputed, and all documents/assets are to be transferred to the new RP. No costs were awarded in the disposition of the application. en-us Fri, 20 Dec 2019 00:00:00 +0530 Sat, 31 Oct 2020 19:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291201 The tribunal ruled that uninvoked corporate guarantees cannot be considered claims under the Insolvency & Bankruptcy Code. Such guarantees should not impact the determination of voting shares, which are based on financial debt owed. The tribunal found the Resolution Professional's inclusion of the uninvoked guarantee in determining voting shares inconsistent and appointed a new RP to ensure smooth implementation of the Corporate Insolvency Resolution Process. ICICI Bank's claim and voting share are to be recomputed, and all documents/assets are to be transferred to the new RP. No costs were awarded in the disposition of the application. Case-Laws Insolvency and Bankruptcy Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291201