Foreign Lender Gains Inclusion and Voting Rights in Corporate Debtor's Committee of Creditors After NCLAT Ruling.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Inclusion of the Appellant in the Committee of Creditors (CoC) and also to provide voting rights to the Applicant/ Appellant - The appellant, a foreign financial lender, extended loans to the Corporate Debtor - Appellant is a related party of the Corporate Debtor or not - The NCLAT found no substantial evidence that the Corporate Debtor acted on the appellant's advice, directions, or instructions as required under Section 5(24)(h). The actions of Rembert Biemond as a director of the Corporate Debtor could not be construed as directions from the appellant. - The NCLAT set aside the Adjudicating Authority's order, allowing the appellant's inclusion in the CoC with proportionate voting rights, based on the admitted claim amount in the CIRP.....