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2022 (9) TMI 133 - Tri - Insolvency and BankruptcySeeking directions of this Tribunal to take action against the Respondent Company, the Creditor - wilful and false disclosure and concealment of facts in Claim Form-C in an attempt to be considered as a Financial Creditor and be a member of the Committee of Creditors - Power of Resolution Professional to suo moto review, modify or vary the claim of a creditor once the same has been admitted/verified by IRP/RP - Section 235A of IBC, 2016 - whether Applicant as a member of the COC is adjudicatory in nature or otherwise and whether it amounts to review of his decision? - related party of the Corporate Debtor or not. HELD THAT:- The duties of IRP have been enumerated under Section 18 and duties of the RP have been enumerated under Section 25 of the Code, under which, the IRP and RP are duty bound to perform their duties as envisaged under the said provisions. Further, the IRP/RP are also guided by the CIRP Regulations while verifying the claims and determining the amount of such claims. The relevant provisions which come into play are Regulations 10, 12, 13 & 14 of the CIRP Regulations - It is noticed that the RP sought clarification from the Applicant vide e-Mail dated 24.11.2021 after receiving information/documents from Punjab National Bank, to which, the Applicant did not reply. Therefore, the RP in discharge of his duties as stipulated under the Act as well as in the Regulations updated the claim on the basis of documents received by him and re-designated the Applicant from Financial Creditor to Financial Creditor - Related party. The action of the RP in issuing e-Mail dated 29.11.2021 cannot said to be the adjudicatory in nature and it is in fact administrative in nature - the RP has acted well within his limits and took into consideration the material placed before him subsequently by Punjab National Bank which is supported by State Bank of India as well as by the promoters of corporate debtor. Whether the Applicant can be held to be a related party of the Corporate Debtor in the facts & circumstances of the present case? - HELD THAT:- It is seen that both the parties will have share on profits and furthermore the brokerage will be shared by them. It is thus clear that there is a nexus between the Applicant and the Corporate Debtor and its prima-facie establishes that the Applicant is a related party of the Corporate Debtor - there are no hesitation to hold that the Applicant is a related party to the Corporate Debtor in terms of Section 5(24)(i) of the IBC. Application dismissed.
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