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TMI Blog2022 (9) TMI 1069X X X X Extracts X X X X X X X X Extracts X X X X ..... a) To direct the Resolution Professional to restore the claim of the applicant as it was lodged in accordance with the arbitration award. b) To direct the RP to provide details, documents and information sought by the applicant in stipulated time period. By which the Adjudicating Authority dismissed the Application filed by the Appellant. 2. The facts giving rise to this Appeal are as follows: i) The Respondent- Corporate Debtor had availed loan facilities from the Appellant. The Appellant had sanctioned three loans by issuing three sanction letters on 22.05.2012 to which Corporate Debtor assented by counter signing the same and subsequent to which loan agreement were executed. ii) Further case is that terms of Sanction Letters were mutually agreed terms and one of the terms of sanction 'Clause 11' was specifically dealing with collateral security retained by Appellant. As per the terms agreed, interest on said collateral security is not payable at the end of tenure if the loan account if foreclosed, terminated or borrower defaults, the clause 11 is hereunder: "11. Additional Collateral Security: Cash collateral Securities 33.75% of the loan amount i.e. INR 1,01,25,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e request of the Respondent parties, on the next date being 08.08.2015, the matter was not proceeded ex-parte. Respondent parties were granted the opportunity to authorize a representative to attend the proceedings before this Tribunal. 6. Thereafter, on 22.08.2015 Claimant party filed statement of Claim. Thereafter proof of service was also filed on 11.09.2015. By order dated 11.09.2015 Respondent parties were again notified that in view of the request of the Respondent party matter was not proceeded ex-parte despite the earlier order dated 25.07.2015. However, at the request of the Respondent party since sufficient time was allowed to them, on the next date being 24.10.2015 Respondent parties were directed to attend the arbitration proceedings failing which the matter was to be proceeded ex-parte. 7. As despite repeated service and despite sufficient time being allowed to the Respondent parties, when the Respondent parties again failed to appear on 24.10.2015 the matter was proceeded ex-parte." vi) Further case is that the erstwhile Board of the Corporate Debtor also challenged the award in Ahmadabad, under Section 34 of the Arbitration and Conciliation Act. The same came to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments and sanction letters, however, when the arbitral awards attained its finality when the appeal against the arbitral awards preferred by Corporate Debtor was dismissed on 01.11.2019. The claim calculations based on arbitral awards were shared with Resolution Professional. 4. It is further submitted that the Adjudicating Authority has failed to consider the judgment passed by the Hon'ble Supreme Court in the matter of 'Dena Bank Vs. C. Shivkumar Reddy & Anr., Civil Appeal No. 1650 of 2020 dated 04.08.2021' held that a final judgment and/or decree of any Court or Tribunal or any Arbitral Award for payment of money, if not satisfied, would fall within the ambit of a 'financial debt', enabling the creditor to initiate proceedings under Section 7 of the IBC. 5. It is further submitted that the Resolution Professional wrongly adjudicated upon and reduce the claim of the Appellant from Rs. 4,51,96,588.08/- to Rs. 69,38,050.38/- causing thereby huge prejudice as well as reduction in CoC voting power of the Appellant from 19.56% to 4.80% which is in total disregard to amount of the financial debt of Rs. 5,84,43,439/- in terms of the Audited balance sheet of the Corporate Debtor, inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claims are provisionally admitted which are subject to change. 9. It is further submitted that after the 1st CoC meeting it was observed that the arbitration award dated 04.04.2016 passed by the Ld. Sole Arbitrator provided interest at the rate of 18% per annum to payable to the Appellant as opposed to 36% as mentioned in sanction letter of the Appellant, the same is attached in the appellant Appeal memo as Annexure 10. Accordingly, the claim of Appellant was verified and notified on 06.12.2019 through mail by the Resolution Professional (page 6 of the Reply). The 2nd CoC meeting dated 12.12.2019 the CoC was informed of the reconstituted shares. Pursuant to above, a mail was received from Mr. Vasant Modi, member of suspended Board of Director requesting the Respondent to inquire the Appellant whether it has deposited the interest of Rs. 56.26 lakhs in account of Corporate Debtor at the time of NPA and then final the claim of Intec Capital Ltd. to which reply was also made on 30.01.2020 (Annexure C of the reply). FINDINGS 10. We observe that subsequent to the RBI complaint an email was written to the Appellant on 04.01.2020 (Annexure D of the reply) that the interest on Rs. 2,70, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional has therefore not adjudicated but only has collated the information provided by the Appellant, Corporate Debtor and the RBI. Hence, we are of the view that there is no merit in the Appeal, the instant Appeal deserves to be dismissed. 13. We are of the view that the Adjudicating Authority has considered the submissions made by the Appellant and have held that the Hon'ble Supreme Court in the case of "Essar Steel India Limited" relied by the Resolution Professional, wherein it is observed that it is the responsibility of the Resolution Professional to collect, collate and finally admit claims of all creditors, the role of the Resolution Professional is not adjudicatory but administrative. Further in paragraph 19 of the impugned order, the Adjudicating Authority have come to the conclusion that the Resolution Professional has already collated the genuine claim of the Appellant based on the documents filed by the Appellant. * Perusal of the order dated 30.04.2021 passed by this Appellate Tribunal it appears that the Ld. Counsel for the Appellant informed that on 16.03.2022 Resolution Plan which was submitted and approved by CoC has further been approved by Adjudicating Autho ..... 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