NCLT Chandigarh dismissed Mona Portfolio Ltd's application seeking reclassification of its Rs 19.65 crore claim against Chandigarh Overseas from related party to independent financial creditor.
The tribunal found Mona Portfolio failed to prove existence of a financial debt under Section 5(8) of IBC and could not establish cessation of related party status.
The order upheld the Resolution Professional's classification, noting transactions originated when Mona Portfolio was controlled by the Corporate Debtor's related parties.
The application was deemed a re-agitation of previously withdrawn claims without obtaining proper liberty to file fresh proceedings.