(1.) The present case is fixed for pronouncement of order in CA NO. 159/2017 (in CP No.24/ALD/2017) and the present application is filed by the applicant Export Import Bank of India Limited (EXIM Bank) under Section 60(5) of the 1 & B Code read with rule 11 of the NCLT rule before this Tribunal seeking for relief in form of a direction to be issued to the Resolution Professional of the Corporate Debtor Company, which is now under the CIRP (Corporate Insolvency Resolution Process) to treat its claim as a valid claim as a 'Financial Debt' under the provision of the 1 & B Code and to include the applicant in the Committee of Creditors (COC) of present Corporate Debtor Company (JEKPL) with a voting share proportionate to its amount of claims. It is also alleged that the Resolution Professional through email communicated the impugned order/decision dated 04.08.2017 to the present applicant by rejecting its claim as a Financial Creditors and without calling for any explanation or inviting objections/comments from it on such legal opinion which formed the basis for taking impugned action/decision. Hence, such order being in contravention of the principle of natural justice, needs to be set aside.
(2.) It has also been submitted by the EXIM Bank, the present applicant, that its claim comes around to Rs.625 Crores as an amount due under Counter Corporate Guarantee for which the JEKPL (the present Corporate Debtor Company) has executed to secure the loan disbursed in form of dollar loan (to the value US dollar 50 million) to the principal borrower which is a Netherlands based companv known as Jubilant Energy NV (JENV) . Such dollar loan was granted by the present applicant Bank vide its sanction letter (I dated 30.04.2011 and was further modified by another letter dated 18.05.2011 for which a Counter Corporate Guarantee was executed on 01.08.2011 by the JEPL (the Jubilant Enfro Pvt. Ltd.) in favour of the present applicant. Such contractual obligation of JEPL (Corporate Guarantor) was further secured by the execution of Counter Corporate Guarantee on 01.08.2011 by the JEKPL the present Corporate Debtor Company in favour of the lender EXIM Bank (the present applicant) .
(3.) It is stated that the applicant has invoked its Counter Corporate Guarantee on 30lh March, 2017 which lead to present dispute and is the subject matter oflhe present application. The applicant has furnished detailed particulars about the terms & condition of loan advanceJto the principal borrower and also about the terms of the Counter Corporate Guarantee which is executed by the present Corporate Debtor Company to secure such dollar loan advanced to the JENV the principal borrower, which are described in para 17 of the present application.