TMI Blog2019 (12) TMI 1445X X X X Extracts X X X X X X X X Extracts X X X X ..... om is a subject matter of the 'Financial Creditor (Commercial Creditors), which cannot be decided by the Adjudicating Authority (National Company Law Tribunal) or the Appellate Tribunal (National Company Law Appellate Tribunal). In the present case, there is nothing on record to suggest that the Appellant is a First Charge holder of the assets of the 'Corporate Debtor'. Further, as per the decision of the Hon'ble Supreme Court in 'Committee of Creditors of Essar Steel India Ltd.' (supra), the equitable treatment is to be accorded to each creditor depending upon the class to which it belongs i.e. 'secured' or 'unsecured', 'financial creditor' or 'operational creditor' - the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion plan' submitted by 'Fort Gloster Industries Limited' has been approved. The 'Corporate Insolvency Resolution Process' was initiated against 'Fort Gloster Industries Ltd.' (Corporate Debtor). In the insolvency process, the resolution plan submitted by the 'Gloster Limited' (resolution applicant) was approved by the 'Committee of Creditors' in its meeting held on 24th April, 2019. The 'Resolution Professional' thereafter filed the approved 'resolution plan' before the Adjudicating Authority for approval under section 31 of the I B Code. At that stage number of persons including the Appellant raised objection by filing application under section 60(5) of the 'I B Code'. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mandate of Section 48 of the Transfer of Property Act, 1882 which will apply by virtue of section 30(2) of the I B Code, thereby allowing for a preference to be granted to the First Charge holder over the security of others. 6. Learned counsel appearing on behalf of the 'Resolution Professional' submitted that the Appellant cannot challenge the equitable treatment as made under the resolution plan and provided to all 'secured financial creditors' who form a distinct class within the financial creditors. Reliance has been placed on sub-section (4) of section 30 to suggest that the 'secured creditors' having made class by itself, no distinction made on the basis of First Charge. 7. A chart of distribution of amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. WBIDC No Claim Filed with RP 0.18 TOTAL 64.20 Note: The average liquidation value of the assets of the Corporate Debtor has arrived at INR 36.32 Crores 8. It was submitted by the Resolution Professional that the Appellant claiming to be the assignee of IDBI Bank and the Adjudicating Authority has noticed that the searches made in the website of the Registrar of Companies do not reveal that any so called First Charge of the IDBI Bank or the appellant has not shown any document of the First Charge in favour of the IDBI and, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (National Company Law Appellate Tribunal). 13. In the present case, there is nothing on record to suggest that the Appellant is a First Charge holder of the assets of the 'Corporate Debtor'. Further, as per the decision of the Hon'ble Supreme Court in 'Committee of Creditors of Essar Steel India Ltd.' (supra), the equitable treatment is to be accorded to each creditor depending upon the class to which it belongs i.e. 'secured' or 'unsecured', 'financial creditor' or 'operational creditor'. 14. The Appellant has failed to show that any of the provisions of section 30(2) has been violated or there is any material irregularity in the corporate insolvency resolution process period. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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