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2023 (1) TMI 550 - AT - Insolvency and BankruptcyLiquidation of the Corporate Debtor / Company - Aggrieved Person - Section 60 (5) of the I & B Code, 2016, read with Rule 11 of NCLT Rules, 2016 - Appellant / Petitioner submits that the ‘Appellant / Petitioner’ and the other ‘Members of the suspended Board of Directors’, are the most affected party and the severe hardship and prejudice, will be caused to them, in case of ‘Liquidation’ of the ‘Corporate Debtor’. - HELD THAT:- Before the Adjudicating Authority in Ivn.P(IBC)/1(CHE)/2022 in IA/(IBC)/1213/CHE/2021 in IBA/883/2019, the Appellant / Petitioner / Proposed Respondent, had averred that the Claim, of the State Bank of India, was assigned in favour of an Asset Reconstruction Company Viz. Prudent ARC Limited, for a sum of Rs.154.30 Crores, by virtue of an Assignment Agreement dated 30.09.2021, and hence, there is a scope of Restructuring and Revival. Also, the Appellant / Petitioner, had averred that he can always submit a Scheme of Arrangement / Settlement, despite, the fact that there is a prohibition for him to be ineligible to act as a Resolution Professional, as per Section 29A of the I & B Code, 2016. The well accepted principle is that, an Adjudicating Authority (Tribunal) and the Appellate Tribunal are not to displace the cementing principles of the I & B Code, 2016. The inbuilt framework, provided under I & B Code, 2016, is not to be tinkered and tampered with, either by the Adjudicating Authority or by an Appellate Tribunal. No wonder, all, the basic tenets of the ingredients and the aim and objective of the Code, are to be preserved and maintained, by an Adjudicating Authority, as well as by the National Company Law Tribunal. Considering the fact that the Appellant / Petitioner who was a Promoter / Shareholder, invested in the Equity Shares at Rs.10/- each of the Corporate Debtor / Company (431840 Equity Shares), he is not an Aggrieved Person, in stricto sensu under Section 61 of the I & B Code, 2016, especially, in the light of Committee of Creditors, having passed a Resolution for Liquidation of the Corporate Debtor, and keeping in mind that the Adjudicating Authority, had ordered for Liquidation of the Corporate Debtor, he is not entitled to get himself impleaded, in a Creditor’s Regime, under the Code, as held by this Tribunal (not withstanding the fact that although the Appellant, is not a Member of Committee of Creditors, and no Right, to Vote, yet, he is entitled to take part in each and every meeting, held by the Committee of Creditors, and to discuss with the other Members of the Committee of Creditors, in respect of the Resolutions projected, in terms of the ingredients of Section 25 (2) (i) of the Code). Appeal dismissed.
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