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2022 (10) TMI 586 - AT - Insolvency and BankruptcySeeking to delete the Appellant and Respondents 3 to 7 as Financial Creditors of Reliance Infratel Limited (RITL) - seeking a direction to the RP to reconstitute the CoC by deleting the Appellant and Respondents 3 to 7 who were claiming to be the ‘Financial Creditors’ of the ‘Corporate Debtor’ on the basis of the Guarantees - Related party - HELD THAT:- The contention of the Learned Sr. Counsel for the Appellant that 20.12.2017 has to be taken as the date of NPA and not 22.08.2016 is unsustainable as the Appellant themselves have declared the ‘Corporate Debtor’ as an NPA, with effect from 26.08.2016, which indicates that the ‘Corporate Debtor’ was in default for at least 90 days prior to 26.08.2016. This Tribunal in Avantha Holdings Ltd. [2022 (7) TMI 203 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] is not applicable to the facts of this case as the observation relied upon was in terms of the ‘related party’ transaction and consequence submission of Resolution Plan by such a ‘related party’. This Tribunal is also conscious of the fact that it is obligatory under law to produce a document duly stamped in accordance with the provisions of Maharashtra Stamp Act, 1958, for it to be considered as being enforceable in law and claims were required to be submitted to the IRP i.e., the address in Maharashtra within the State of Maharashtra and it is only to evade the stamp duty, that the documents were not shared electronically with the IRP. It is relevant to mention that an Application under Section 30(6) of the Code was preferred by the Resolution Professional seeking approval of the Resolution Plan, in IA920/2020, which was allowed by the Adjudicating Authority, vide Order dated 03.12.2020. This Appeal is devoid of merit - Appeal dismissed.
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