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2019 (11) TMI 1495 - NATIONAL COMPANY LAW TRIBUNAL , CUTTACK BENCHApproval of Resolution Plan - inclusion of claim of the Applicant Financial Creditor in the list of admitted claims/creditors so prepared by the Resolution Professional in respect of the Corporate Debtor - applicant Financial Creditor is a related party of the Corporate Debtor or not - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules - HELD THAT:- Under Investment Management Agreement, the SAIML has right to exercise all rights, powers, privileges over IGOF. It is also clear that IGOF is a majority shareholder of the Corporate Debtor and the Investment Manager directly controls more than 20 % of the voting rights of the Corporate Debtor. It is also important to mentioned here that the SAIML is the wholly owned subsidiary company of the applicant - the hands of Srei Alternative Investment Managers Ltd. (SAIML) (formerly known as Srei Venture Capital Limited), the wholly owned subsidiary of the applicant, is visible and encompassing like an octopus holding the prey, the limbs of the SAIML are all around the TRUST and ITS SCHEMES. It is also to bear in mind that the SAIML is THE FUND MANAGEMENT ARM of the applicant. The SAIML is the wholly owned subsidiary of the applicant. The SAIML plays the roles of Creator, Settlor, Management, administration, appointment & Removal of Trustee, contributor, Investment Manager and Manager of the Scheme IGOF. Hence, the applicant is "related party" as defined under Section 5(24) of the Insolvency and Bankruptcy Code, 2016. The decision of the RP that the applicant is "related party" is right - Application dismissed.
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