TABLE OF CONTENTS

TABLE OF ABBREVIATIONS

TABLE OF AUTHORITIES

STATEMENT OF FACTS

ISSUES RAISED

ARGUMENTS ADVANCED

I. Arguments on behalf of corporate debtor/ promoters of corporate

debtor
I.1 Whether the application for initiating CIRP filed by consortium led by People Bank
under the IBC, 2016 maintainable?
I.1.1 Violation of principle of natural justice
I.1.2 ACL is not a wilful defaulter

I.2 Whether the mortgage created over APL’s land for securing credit facility of ACL, an
avoidable transaction intended to defraud the creditors or not?
I.2.1 Mortgage of land is just reciprocal of benefits
I.2.2 No loss has been caused to APL

1.3 Whether the personal guarantee given by Mr. Arvind Kumar enforceable during
corporate insolvency resolution process?
1.3.1 Contrary to Section 14 of the Code
1.3.2 Moratorium is applicable to personal guarantee

II. Arguments on behalf of Operational Creditors

II.1 Whether the decision of RP of ACL to reject the claim of GKCL as a secured financial
creditor justified or not?
II.1.1 IRP has no locus standi to reject the claim
II.1.2 GKCL is a secured creditor
II.1.3 The debt of GKCL is a financial debt according to the provisions of the Code

III. Arguments on behalf of Resolution Professional

III.1 Whether the decision of RP of ACL to reject the claim of GKCL as a secured
financial creditor justified or not?
III.1.1 GKCL is not a secured creditor
III.1.2 The debt is a financial debt according to the provisions of the Code
 III.2 Whether the rejection of resolution plan of JMCL by RP of ACL justified?
III.2.1 It is contrary to the intention of legislature in framing the Code
III.2.2 Violation of statutory requirement
III.2.3 Against the constitutional doctrine
III.2.4 The Tribunal does not have the jurisdiction to interfere

III.3 Whether the interim finance raised by RP to the extent of making payments to TTCL
justified?
III.3.1 Utilization is for protecting and preserving the assets
III.3.2 Does not lead to creation on new assets
III.3.3 RST Bank cannot challenge its utilization

III.4 Whether the mortgage created over APL’s land for securing credit facility of ACL, an
avoidable transaction intended to defraud the creditors or not?
III.4.1 The transaction is a preferential transaction U/S 43 of the Code
III.4.2 Aforesaid transaction was wrongful and i9ntend to defraud the creditors
III.4.3 Approval of the lenders not obtained before creating charge on the
unencumbered asset

IV. Arguments on behalf of Financial Creditors

IV.1Whether the application for initiating CIRP filed by consortium led by People
Bank before the NCLT under the IBC, 2016 maintainable?
IV.1.1 Satisfies requirement of §7 of the Code
IV.1.2 The default has occurred
IV.1.3 Mala fide transaction

IV.2 Whether the interim finance raised by RP to the extent of making payments to TTCL
justified?
IV.2.1 Leading to creation of new assets
IV.2.2 Transactions made to defraud the creditors
IV.2.3 No debt collection can take place during moratorium period

IV.3Whether the personal guarantee given by Mr. Arvind Kumar enforceable during
corporate insolvency resolution process?
IV.3.1 Compliance with the provisions under §14 and precedents
IV.3.2 Liable to discharge the debt under the contract of guarantee

V. Arguments on behalf of Other Parties

V.1 Whether the rejection of resolution plan of JMCL by RP of ACL justified?

V.1.1 In compliance with the provisions of the Code
V.1.2 Competitive Resolution plan in interests of the company
V.1.3 Deadlines are procedural in nature
PRAYER