Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 557 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Renewal of lease of land - clearance of past dues - section 60(5)(c) of IBC - HELD THAT:- Presently the R3 has made a claim of ₹ 3.50 crores approximately, after the approval of Resolution Plan without giving any details thereof. It should have claimed the same before the Resolution Professional as an operational debt if it related to the pre-CIRP or as CIRP costs if it was incurred during the CIRP. No explanation is forthcoming for not claiming the same as indicated. In any case, since no claim has been made at the appropriate stage, this cannot be fastened to the Applicant after the approval of Resolution Plan - The Resolution Plan has been approved by the Committee of Creditors under Section 30(4) of the Code. Upon its approval by this Authority under section 31(1) of the Code, the same becomes binding on all the stakeholders of the Corporate Debtor. R3 is also a stakeholder being the lessor of the Corporate Debtor and had also filed claim in the CIRP as an Operation Creditor. It is also not in doubt that required approvals have to be given by the concerned authorities under the relevant laws and rules framed thereunder. However, no authority can deny the renewal of licence or lease, on the ground that past dues are not paid, even without making a claim (water charges) during CIRP. In respect of Transfer and Renewal fees, we have adduced reasons how the belated claim made is not in consonance with the provisions of the Code. Prayer for issue of ‘no objection certificate’ and ‘no dues certificate’ for creation of mortgage by the Applicant - HELD THAT:- Snce R3 is the owner of the property, it is purely within its prerogative to decide on the issue. We are conscious that jurisdiction under 60(5) of the Code is not so elastic to grant this relief sought for by the Applicant. Application allowed in part.
|