Promoters’ Personal Assets Don’t Create Secured Financial Debt: NCLT Kochi

DILEEP KP-Resolution Professional Vs YES Bank Limited (NCLT Kochi) The National Company Law Tribunal (NCLT), Kochi Bench, allowed an application filed by the Resolution Professional of M/s. Roofco Trading Company Private Limited seeking reclassification of Yes Bank Ltd.’s claim of Rs.4,92,59,683 from secured financial debt to unsecured financial debt during the Corporate Insolvency Resolution Process (CIRP). Yes Bank had submitted a total financial creditor claim of Rs.13,92,95,998, comprising Rs.4,92,59,683 towards a loan granted to the Corporate Debtor and Rs.9,00,36,315 towards loans ...