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2019 (7) TMI 1189 - AT - Insolvency and BankruptcyAdmissibility of petition - Arbitral Award - financial creditor - it was submitted that an Arbitral Award cannot be treated as a ‘financial debt’ - initiation of CIRP against two sets of Corporate Debtor for the same set of claim - HELD THAT:- It is not in dispute that the ‘Gujarat NRE Mineral Resources Limited’- (‘Corporate Debtor’) since amalgamation failed to perform its duty, for the said reason, the Award was passed in favour of the 1st Respondent. Therefore, the amount disbursed by the 1st Respondent- ‘Jindal Steel and Power Limited’ to the ‘Corporate Debtor’ on failure, performance became ‘time value for money’ as the 1st Respondent is entitled for interest @ 30% p.a. on the unadjusted advance payment as allowed by the Arbitral Tribunal - Therefore, the 1st Respondent comes within the meaning of the ‘Financial Creditor’. In the present case, the Appellant has not triggered any application under Section 7 or Section 9 against ‘Gujarat NRE Coke Limited’ which is undergoing liquidation. ‘Gujarat NRE Coke Limited’ filed application under Section 10 on the basis of which ‘Corporate Insolvency Resolution Process’ was started. The Appellant has triggered ‘Corporate Insolvency Resolution Process’ only against ‘Bharat NRE Coke Limited’- (‘Corporate Debtor’), therefore, it cannot be held that the Appellant had triggered two ‘Corporate Insolvency Resolution Process’ against two different sets of the ‘Corporate Debtor’ for same set of claim. Further the ‘Financial Creditors’ of the ‘Corporate Debtor’ having 96% of the voting shares have also not raised any such plea. In fact, it appears that the contest between the Appellant and the 1st Respondent is whether 1st Respondent can be a member of the ‘Committee of Creditors’ or not which cannot be decided by this Appellate Tribunal while deciding the question of initiation of the ‘Corporate Insolvency Resolution Process’ against the ‘Corporate Debtor’ - there is no merit in the appeal - appeal dismissed.
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