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TMI Blog2018 (10) TMI 1941X X X X Extracts X X X X X X X X Extracts X X X X ..... eavy Electricals Limited on 21.05.2018 and the "Prayer" is that a direction be given to the Resolution Professional to admit the entire claim of Rs.977,49,97,545/- along with Interest. It is further clarified that the Resolution Professional had rejected part of the claim. 2. A Petition u/s 7 of the I&B Code was submitted by IDFC Bank Vs. Monnet Power Company Ltd. and vide an Order dated 23.02.2018 (CP 1696/I&BC/2017) it was admitted in respect of a financial Debt of Rs. 586,54,64,341/-. On admission one Mr. Navneet Kumar Gupta was appointed as IRP. A "Public Announcement" had been made on 16.03.2018 inviting claim from all Creditors. Pursuant to the Public Announcement, this Applicant had lodged its claim on Form-B dated 28.03.2018 but th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice dated 07.08.2013 to MPCL. Vide a Letter of 26.09.2013 the Applicant had requested MPCL to release payment of Rs.100 Crores as promised by MPCL (Letter dated 16.09.2013). On 28.09.2013 payment of Rs.50 Crores was released through RTGS to the Applicant. On 11.06.2014 the Applicant made a request to MPCL to release an amount of Rs.160.02 Crores and to open L/C for a value of Rs.131.50 Crores. The Particulars which were lodged before the Resolution Professional are summarised as under :- " Section Particulars Amount (Rs.) 1. Outstanding Dues along with interest on outstanding dues up to 23.02.2018 with further interest thereon @ 18% per annum till the payment thereof. Further interest on delayed payments @ 18% per annum. 707,86,02,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es at actual and interest @ 18% per annum from 31.03.2018 till the date of revival of Project to be calculated on date of revival. 92,61,311/- Total 977,49,97,545/- " 3. However, as per the minutes of the Meeting of the Committee of Creditors the entire claim was not admitted. The Resolution Professional has communicated vide a Letter of 11.04.2018 that only following claim is admissible:- "Claim Summary Sl. No. Descriptions Amount in Crs. Remarks 1 Claim No 1- Outstanding Dues 290.95 Rs. 205 Crs. As per MOM 15th Sept 2015 and further Rs. 85.95 Crs additional invoices. Consolidated list of 290.95 Crs attached 2 Claim No 2 - Compensation Claim 34.50 Plus GST as applicable (MOM historical) 3 Claim No 3 - Prol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so been pleaded that the Resolution Professional has wrongly rejected those claims rather should have admitted the same. He has referred IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 wherein a procedure is prescribed for claim made by Operational Creditors. 5. On the other hand, Learned Counsel for the Resolution Professional appeared and supported the action of the Resolution Professional. He has referred the Minutes of the Meeting of BHEL held with MPCL on 14-15.09.2015. In one of the clauses it was informed to BHEL that there was no provision in the Contract for "Inventory Carrying Cost" hence not admissible. He has also emphasized that the settlement was based upon the release of outstanding payment. Lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evision. In my humble opinion the Resolution Professional has been provided this authority to adjudge the veracity of a Claim. The amount which according to him is not admissible can be revised as prescribed under Regulation 14 of the Regulations, 2016. Now the question is that whether such decision of revising a claim can be challenged before NCLT? The answer of this question is that considering the various provisions of the Insolvency Code to be read with Regulations, the NCLT has inherent power to supervise the decision of IRP/ Resolution Professional. Although Resolution Professional is authorised to determine an amount of Claim by making certain adjustments but the correctness of the adjustments can be examined by NCLT. In view of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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