https://www.taxtmi.com/caselaws?id=759801 The NCLAT upheld the NCLT's decision excluding the appellant from the Committee of Creditors. The tribunal found that the appellant's Rs.195 crores claim as a financial creditor was invalid since no funds were actually disbursed to the principal borrower under the facility agreement. The court held that liability under a guarantee deed only arises when the principal borrower defaults, and without disbursement, no debt becomes due from the corporate debtor. The appellant failed to provide required financial statements evidencing actual drawdown of committed amounts. However, the tribunal granted liberty to both parties to file fresh applications after completion of the transaction audit report to determine if the appellant qualifies as a related party or financial creditor based on audit findings. en-us Thu, 26 Sep 2024 00:00:00 +0530 Tue, 08 Oct 2024 10:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759801 The NCLAT upheld the NCLT's decision excluding the appellant from the Committee of Creditors. The tribunal found that the appellant's Rs.195 crores claim as a financial creditor was invalid since no funds were actually disbursed to the principal borrower under the facility agreement. The court held that liability under a guarantee deed only arises when the principal borrower defaults, and without disbursement, no debt becomes due from the corporate debtor. The appellant failed to provide required financial statements evidencing actual drawdown of committed amounts. However, the tribunal granted liberty to both parties to file fresh applications after completion of the transaction audit report to determine if the appellant qualifies as a related party or financial creditor based on audit findings. Case-Laws IBC Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759801