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2019 (8) TMI 1305 - AT - Insolvency and BankruptcyInitiation of CIRP - Owner of shares or not - whether the Appellant can be held to be a ‘Financial Creditor’, who claimed to be a ‘Financial Creditor’ for accepting its claim? - HELD THAT:- It is accepted that the Appellant invoked Clause 6.1 and after service of notice on occurrence of default issued by the ‘Bridge Loan Lender’ (Appellant herein), the ‘Bridge Loan Lender’ transferred the shares in its name. By letter dated 23rd January, 2018 written to the ‘Corporate Debtor’, Appellant have already intimated the ‘Corporate Debtor’ that the Appellant has transferred 31,80,678 shares of ‘NEVPL’ and thereby the Appellant have become the 100% owner of the shares. By the said letter dated 23rd January, 2018, the Appellant (PFS) having already intimated that the rights applicable to the shareholder of NEVPL has been transferred in its favour, we hold that the Appellant settled the dues in full or part by way of transfer of shares. Now it is for the Appellant to transfer the shares in accordance with law but it cannot be denied that the Appellant is the owner of the shares. The Appellant became the shareholder in terms of Clause 6 of the ‘Pledge Deed’ dated 10th March, 2014, the Appellant cannot take the advantage of Section 176 of the Contract Act. Section 176 of the Contract Act also cannot be taken into consideration for the purpose of collating the claim of any claimant (creditor) by the ‘Resolution Professional’ under Section 18 of the I&B Code. It is settled law that the ‘Resolution Professional’ can collate the claim and may accept full or part of the claim but has no power to determine the claim or reject, which power is only vested with the ‘Liquidator’. Appeal dismissed.
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