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NATIONAL COMPANY LAW TRIBUNAL
SUSHIL MAHADEORAO KOCHEY, Member (Judicial), CHARANJEET SINGH GULATI, Member (Technical)
Phoenix Arc Private Limited – Appellant
Versus
Precision Realty Developers Pvt Ltd – Respondent
| Table of Content |
|---|
| 1. interlocutory application related to claim admissions. (Para 1 , 2 , 3) |
| 2. arguments presented by various parties. (Para 8 , 14 , 17 , 20) |
| 3. key observations and findings by the tribunal. (Para 27 , 29 , 31 , 32) |
| 4. court's rationale on the validity of the corporate guarantee. (Para 39 , 40) |
| 5. final decision on the application. (Para 42) |
ORDER
1. The present Interlocutory Application has been filed by Phoenix ARC Private Limited (Financial Creditor and a member of the Committee of Creditors), acting in its capacity as Trustee of Phoenix Trust FY 23-7 (hereinafter referred to as the “Applicant”) as per the provisions of Section 60 (5) of the Insolvency and Bankruptcy Code , 2016 hereinafter referred to as the (“Code”), against Mr. Pradeep Kabra (hereinafter referred to as “R.1”/ “Interim Resolution Professional (“IRP”) of M/s. Precision Realty Developers Private Limited (hereinafter referred to as “Corporate Debtor”) and IndusInd Bank (hereinafter referred to as “R.2”) while seeking the following reliefs: -
“a) That the Respondent No. 1 be directed not to admit the claims of Respondent No. 2;
b) That the Respondent No. 1 be directed to reject the partially admitted cla
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