TMI Blog2021 (9) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... ms before the Respondent - Financial Creditors/homebuyers - HELD THAT:- The Appellants are hereby directed to file their claims in terms of the aforesaid provisions before the Resolution Professional/ Respondents within two weeks from today - Learned Counsel for the Resolution Professional/ Respondent is hereby directed to verify the claims in terms of the various provisions and forward the genuine claims of the Learned Counsel for the Appellants to Adjudicating Authority. The timeline provided by the IB Code, with the aforesaid directions - Appeal is hereby disposed of - COMPANY APPEAL (AT) (INSOLVENCY) NO. 1033 OF 2020 - - - Dated:- 22-9-2021 - [Justice Anant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itten Submissions. In the course of the arguments they submitted that Applicant herein are not parties to the proceedings before the Adjudicating Authority and the ratio Flat Buyers Association Winter Hills-77, Gurgaon v. Umang Realtech Private Limited through IRP Ors. have no bearing. 4. Learned Counsel for the Appellant on the other hand submitted that Appellant (herein) have preferred the Appeal under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (IBC in short). The Appellants herein are homebuyers and Financial Unsecured Creditors. 5. During the course of the arguments attention of this Tribunal was drawn to Section 21 of the Insolvency and Bankruptcy Code, 2016 (IBC in short) which deals with the Committee of Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be the duty of the authorised representative to circulate the agenda and minutes of the meeting of the committee of creditors to the financial creditor he represents. (3) The authorised representative shall not act against the interest of the financial creditor he represents and shall always act in accordance with their prior instructions: Provided that if the authorised representative represents several financial creditors, then he shall cast his vote in respect of each financial creditor in accordance with instructions received from each financial creditor, to the extent of his voting share: Provided further that if any financial creditor does not give prior instructions through physical or electronic means, the authorised repres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional, who is the choice of the highest number of financial creditors in the class in Form CA received under sub-regulation (1) of regulation 12, to act as the authorised representative of the creditors of the respective class: Provided that the choice for an insolvency professional to act as authorised representative in Form CA received under sub-regulation (2) of regulation 12 shall not be considered. (2) The interim resolution professional shall apply to the Adjudicating Authority for appointment of the authorised representatives selected under sub-regulation (1) within two days of the verification of claims received under sub-regulation (1) of regulation 12. (3) Any delay in appointment of the authorised representativ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000 More than 1000 25,000 (9) The authorised representative shall circulate the agenda to creditors in a class, and may seek their preliminary views on any item in the agenda to enable him to effectively participate in the meeting of the committee: Provided that creditors shall have a time window of at least twelve hours to submit their preliminary views, and the said window opens at least twenty-four hours after the authorised representative seeks preliminary views: Provided further that such preliminary views shall not be considered as voting instructions by the creditors.] 8. Learned Counsel for the Respondent fairly submitted that the directions may be given t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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