Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 19 - AT - Insolvency and BankruptcySeeking directions against the Resolution Professional of Corporate Debtor, for admitting his claim in the Resolution Plan and to be treated as secured Financial Creditor - seeking condonation of 60 days delay in filing this Appeal - Appellant has shown due diligence in submitting the claim before the IRP/Resolution Professional or not - admitting the claim at a time when the Resolution Plan has already been approved by the CoC and is pending consideration of the Adjudicating Authority - Tripartite Agreement between the Appellant, Corporate Debtor and the borrowers/Homebuyers. HELD THAT:- Since the Resolution Plan has not only been accepted by the CoC but also placed before the Adjudicating Authority for approval, accepting any belated claim at this stage, will put paid to the efforts achieved so far by the Resolution Professional in completion of CIRP process. In IBC, where time-lines are well laid down, any indulgence shown by way of belated admittance of claim is likely to jeopardise the CIRP and set the clock back which certainly is not the intent and purpose of the IBC. Whether the Tripartite Agreement between the Appellant, Corporate Debtor and the borrowers/Homebuyers which has been validated by the Hon’ble DRT by issue of DRCs provides enforceable rights in favour of the Appellant Bank? - HELD THAT:- There is a need to take a close look at the terms of the Tripartite Agreement whereby the Appellant Bank sanctioned and released housing loans to some allottees /Homebuyers for purchase of flats in the project floated by the Corporate Debtors. There are substance in the contention of the Learned Counsel for the Respondent that mere permission to mortgage is of no relevance in the absence of not having registered a charge. Furthermore, we also agree that being merely in possession of enforceable rights under Tripartite Agreement is not enough. The claimant was required to act upon those rights and establish the claim before the Resolution Professional which having not been done, nothing remains in respect of the undecided claim. The Adjudicating Authority has committed no error in passing the Impugned Order. We find no cogent reason to interfere with the Impugned Order - The appeal is dismissed.
|