Tianjin Jaho Investment Seeks To Disallow SYS, LLC’s $1M Proof of Claim
November 23, 2021, Western District of Washington – Debtor and Debtor-in-possession Tianjin Jaho Investment, Inc. brings an action against Defendant SYS, LLC to disallow in whole or in part a proof of claim worth $1,089,715.99 and its alleged secured status, asserted against the Debtor’s bankruptcy estate. The Debtor also objects to SYS’ alleged right to collect more than $500,000 on certain orders because the Debtor claims that none of these orders were signed or agreed to, and therefore are not enforceable against the bankruptcy estate.
As per the complaint, Tianjin and SYS had executed a construction contract to build a five-story residential apartment building. The complaint further asserts that since SYS “did not complete the project as per the timeline in the contract or a completion guaranty agreement, despite being fully aware of the Debtor’s financing and repayment obligations,” SYS caused damage to the Debtor and allegedly, this resulted in the Debtor’s bankruptcy filing. Accordingly, the Debtor requests the Court to reform SYS’ proof of claim and only allow those amounts that are actually secured and not barred by a project completion guaranty or a lien allowance agreement or lack of assent/mutuality.
In re: Tianjin Jaho Investment, Inc., Case No. 21-11047-CMA