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NCLT rejects Exim Bank’s claim of Rs 625 crore on JEKPL – Economic Times

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…

Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/nclt-rejects-exim-banks-claim-of-rs-625-crore-on-jekpl/articleshow/61886529.cms

Category: LiquidationBy Insolvency GuardianDecember 1, 2017

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NCLT rejects Exim Bank’s claim of Rs 625 crore on JEKPL – Economic Times

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…

Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/nclt-rejects-exim-banks-of-rs-625-crore-on-jekpl/articleshow/61886529.cms

Category: LiquidationBy Insolvency GuardianDecember 1, 2017

Post navigation

PreviousPrevious post:Different treatment likely for SMEs facing insolvency – Economic TimesNextNext post:Freedom Debt Relief Reviews, The Best Ways for Women to Close the Earning Gap Through Investing – FinSMEs (blog)

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