2023 (9) TMI 726 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI

Acceptance of claim - whether claim can be accepted without getting it condoned by the Adjudicating Authority/Tribunal, as mandated under Regulation 12 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016 - HELD THAT:- In the instant case on hand, the Corporate Debtor had already settled the dues of two Operational Creditors (i) SS Metal & Amsa Agencies and Services to their satisfaction and made a ‘draft’ already in favour of M/s. Mayura’s Industrial Services.

In the judgement dated 03.06.2022 of the Hon’ble Supreme Court in Vallal RCK V M/s. Siva Industries and Holdings [2022 (6) TMI 173 - SUPREME COURT], the Hon’ble Supreme Court has observed that ‘Tribunals’ should not interfere with the Commercial wisdom of the Committee of Creditors, agreeing to the settlement Plan submitted by the Corporate Debtor, once it got the approval of ‘Committee of Creditors’, with more than 90% voting in its favour.

This Tribunal bearing in mind of a primordial fact that the Operational Creditor had admitted that entire sum of Rs. 1,86,389/- was received by the Petitioner and added further the averments made in the Petition by the ‘Resolution Professional’ as withdrawal was approved by the CoC meeting that took place on 06.06.2022 (third meeting), the IA 676(CHE)/2022 filed by the Resolution Professional in the main IBA/374/2020 on the file of the Adjudicating Authority/NCLT, Division Bench II, (filed under section 12A of the Code) was rightly allowed by the Adjudicating Authority/NCLT, Division Bench II, Chennai.

Appeal dismissed.