2019 (9) TMI 1448

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....ion Company Limited, claimed to be one of the financial creditor of the corporate debtor M/s. Gwalior Bypass Projects Limited (in CIRP) has filed the present application with the prayer for issuance of directions to the Interim Resolution Professional to accept and admit the claim of the applicant and consequently to direct the Interim Resolution Professional to revise the list of creditors of the corporate debtor. 2. It is case of the applicant that ECL Finance Limited had sanctioned a term loan of Rs. 170 crores to M/s. Adel Landmarks Limited (hereinafter referred as borrower) vide loan agreement dated 07.10.2013. Thereafter, ECL Finance Limited original creditor assigned the said debt along with all right, title and interest in the un....

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....Piramal Enterprises Ltd. Company Appeal (AT) (Insolvency) No. 346 of 2018 decided on 08.01.2019. 7. It is claimed by the applicant that both the corporate debtor (gurantor) as well as Adel Landmarks Limited (borrower) jointly and severally owes Rs. 4,587,862,930/- to the applicant as on 29.05.2019. 8. The contention of the applicant is that the judgement which has been relied upon by the IRP has been challenged before Hon'ble Supreme court of India and a status quo order has been passed by the Hon'ble Supreme Court, therefore the same judgment cannot be the ground to reject the claim of the applicant. It is also contended that mere admission of the CIR Process against the Principal Borrowers i.e. Adel Landmarks Limited would n....

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....ite of the principal borrower the applicant has claimed an amount of Rs. 731,19,03,815 from the principal borrower, which clearly shows that the applicant has already claimed the principal amount as well as the interest under the said loan agreement from the principal borrowers. 13. During hearing learned counsel for applicant fairly admitted that the amount of claim arising on account of loan given to the principal borrower, has already been claimed by the applicant under a separate CIR Process of the principal borrower. 14. Admittedly, the total claim of M/s. Edelweiss Assets Reconstruction Company Limited is only based upon the corporate guarantee dated 03.05.2018 for the purpose to secure loan sanctioned to the principal borrower ....