ORDER

Per: D. Arvind, Member (Technical):

1. The Court congregated through hybrid mode.

2. Heard Ld. Counsels for the parties.

3. This is an application preferred by M/s. Tropical Ventures Company Limited (hereinafter referred as “Applicant”) against the Resolution Professional Mr. Pankaj Kumar Tibrewal, resolution professional of Incab Industries Limited (hereinafter referred as “Respondent”) seeking following reliefs:

“a) To set aside the direction dated 17.11.2021 communicated by the resolution professional to the extent of the applicant being declared as a related party.

b) Pass an Order declaring the applicant as not a related party.

c) Pass an Order to set aside the direction issued by the resolution professional to the extent of the HSBC Guarantee being considered as an unsecured loan.

d) Pass an Order declaring that the claim of the applicant basis the HSBC guarantee is not an unsecured loan.

e) Pass an Order declaring that the date of conversion rate from USD to Rupees ought to be as on 06.08.2019 i.e. the commencement of CIRP of the corporate debtor.”

Factual Matrix:

4. The applicant is a company incorporated under the laws of Mauritius and is the assignee of debt due by Incab Indus