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2019 (4) TMI 333 - Tri - Insolvency and BankruptcyCorporate insolvency process - total outstanding debts - claim adjudication by RP - RP not empowered by the I & B Code to adjudicate a claim - HELD THAT:- RP himself left the column of reason blank for non-admission of the claim, which, in our view, is not in conformity with the provisions of the I 8b B Code. He was required to register the claim as put forth by the Operational Creditor after his verification from necessary vouchers and other documents to mention the same while preparing the Memorandum of Information, so as to apprise the Resolution Applicant. Our such view finds support from the decision in Arcelormittal India (P.) Ltd.2018 (10) TMI 312 - SUPREME COURT OF INDIA and Vijay Kumar Jain v. Standard Chartered Bank [2019 (2) TMI 97 - SUPREME COURT] Therefore, by placing reliance on the above stated judgment, we are of the considered opinion that the RP has not been empowered by the I & B Code to adjudicate a claim. Hence, the present application succeeds on this limited legal ground alone, because it is found that the RP has rejected/non-admitted claim of the Applicant without showing any reason in the impugned communication. Hence, such communication dated 14.05.2018 is not legally sustainable and liable to be set aside. For the aforesaid reasons, the RP’s communication dated 14.05.2018 is hereby set aside. RP is directed to update the total claim of the present Applicant, as being an Operational Creditor, submitted before him, in the relevant documents, i.e. List of Creditors and Memorandum of Information, as per the norms and criteria adopted for the purpose of consideration of a Resolution Plan for other related proceedings, so that proper apportionment of the payable amount can be made. It is pertinent to note here that the total claim of the Applicant seems to be less than 10% of the entire debts due by the Corporate Debtor company. Therefore, in such situation, in case a Resolution Plan is not approved, then the applicant would certainly get minimum payment as per the criteria adopted and norms fixed for liquidation value of the assets of the Corporate Debtor company, however, the present Applicant is having less than 10% of the claim of the entire debts payable by the Corporate Debtor, is having no locus to oppose the proposed Resolution Plan, which is now under consideration (IA 431 of 2018) by this Adjudicating Authority, under Section 31 of the I & B Code. In view of the above given the present application deserves to be partly allowed. The Resolution Professional is hereby directed to register the Applicant’s total claim in the list of the Operational Creditors/claimants in other documents so as to apprise the CoC and also to communicate to the Applicant urgently.
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