9911796707
TMI Blog2021 (11) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the common order dated 16.07.2021 passed by the Ld. Adjudicating Authority (National Company Law Tribunal, Jaipur Bench) in I.A. No. 169/JPR/2019, I.A. No. 202/JPR/2019, I.A. No. 205/JPR/2019 & I.A. No. 212/JPR/2019 in CP (IB) No. 86/ND/2017 TA No. 83 (ND)/2018. Whereby held that the Applicants (Appellants herein) are not the Financial Creditor but the Operational Creditor of the Corporate Debtor. 2. Brief facts of these Appeals are that the Corporate Debtor i.e. Mount Shivalik Industries Ltd. is under CIRP and Ms. Pratibha Khandelwal appointed as RP by the Adjudicating Authority. Sach Marketing Pvt. Ltd. and the other four Creditors who are the Appellant herein filed their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.2021. The Coordinate Bench of this Appellate Tribunal vide order dated 07.10.2021 allowed the Appeal and hold that the said amount of debt is to be treated as a Financial Debt. 5. Ld. Counsels for the Appellants submit that the case of the Appellants is squarely covered by the decision in CA (AT) (Ins) No. 180 of 2021. Therefore, the impugned order may be set aside and the Appellant's debt may be treated as a Financial Debt. 6. Ld. Counsel appearing on behalf of the Respondent (RP) submits that it is true that the Appellant's case is squarely covered by the decision of CA (AT) (Ins) No. 180 of 2021. 7. After hearing Ld. Counsels for the parties. We have considered the submissions. Admittedly, the Adjudicating Authority vide or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts of this case and we hold that the 'debt' in question is a 'Financial Debt'. 23. Now we address ourselves to the fact that the Resolution Plan has already been accepted by the CoC and is pending before the NCLT for approval. The material on record shows that the Appellant herein had filed an Interim Application on 02.05.2019, challenging the rejection, but while the I.A. preferred by the Appellant was kept pending, the RP filed I.A. 186/JPR/2019 seeking approval of the Resolution Plan was filed and the Adjudicating Authority dismissed the I.A. preferred by the Appellant only on 18.01.2021. The Appellant Counsel has submitted that they are not pressing for reconstitution of the CoC at this stage and do not intend to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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