NEW DELHI: Allahabad bench of the bankruptcy court has rejected a plea from Exim Bank to treat its claim of Rs 625 crore on JEKPL Private Limited to be treated as financial debt after insolvency proceedings have been filed against the Allahabad-based firm.
The decision of Allahabad National Company and Law Tribunal (NCLT) is expected to further push lenders not to dither in filing insolvency proceedings after similar action has been taken by other creditors, said two officials aware of the verdict.
Exim Bank had approached NCLT after resolution professional Mukesh Mohan rejected its claim to treat the counter corporate guarantee of Rs 625 crore given to JEKPL as a valid claim under financial debt and to include it in committee of cre…
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