TaxTMI 
TaxTMI 
2021 (3) TMI 1386
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....odged 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. 2. Brief fact of the case is that an application numbered CP(IB) 148 of 2019 under Section 9 of the IB Code was admitted on 30.09.2019 and thereafter the IRP invited the claim of the various creditors. The applicant filed his claim as a financial creditor. However, the claim has been reduced from, Rs. 451,96,588.08/- to Rs. 69,38,050.38/- despite sufficient clarification and explanation given to the RP. It is submitted that the applicant has sanctioned finance to the Corporate Debtor company vide its sanction letter dated 22.05.2012 upon inking of security documents and other....
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....CoC was of 19.56% at the beginning. 5. It is further submitted that, in view of filing claim, Respondent (RP) has provisionally accepted the claim of the Applicant and there was no dispute or objection from the suspended management till date. However, during the CIRP the RP has scrutinising the claim and on 12.12.2019 after 2 months in the 2nd CoC meeting drastically reduced the claim of the applicant to Rs. 94 lacs/- only against the claim of Rs. 4,51,96,588.08/-. In view of that the voting right of the Applicant was reduced to 4.8%. The applicant approached the Respondent and tried to make RP understand that he had erred in collaborating the calculation. It is further alleged that the RP has adopted Pick and Choose method. 6. It is furt....
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....ovisional list of claim in absence of the Financial Statement of the Perfect Boring Pvt. Ltd. For the Financial Year 2018-2019 and for the period from 01.04.2019 to 30.09.2019, the claim could not be verified due to want of the financial statement of the Perfect Boring Pvt. Ltd. Hence the claim has been admitted on the basis of the document and the records produced by the Financial Creditor. The claim amount is subject to change, if any, further information is obtained. The copy of the said report is annexed as "Annexure A" along with the reply dated 25.10.2019. 10. The RP further submitted that on the 1st CoC meeting RP came to know about arbitration award passed by the Ld. Sole Arbitrator, wherein, it is decided by the Ld. Arbitrator to ....
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....389.00 4,51,96,587.00 11. Again in the 2nd CoC meeting of the Perfect Boring Ltd. held on 12.12.2019, the RP informed the CoC that as per the claims received till 10.12.2019, CoC consist of only 4(Four) financial creditors with the following voting rights: Sr. No. Name of Financial Creditors Claim Admitted in Rs. Voting Percentage 1 Bank of India 13,40,37,127.61/- 68.63% 2 Small Industries Development Bank of India 4,43,66,055.83/- 22.72% 3 Intec Capital Limited 93,94,840.00/- 4.81% 4 Tata Capital Finance Limited 75,00,650.00/- 4.81% 12. It is further submitted that on 3rd January, 2020 Resolution Professional received E-mail from one Mr. Vasant Modi suspended board of management stating that: "We had complained to ....
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....resolution copy, RP sent a mail to the applicant on 04.01.2020 informing inter alia that RP observed from the documents submitted by the applicant that the interest on Rs. 2,70,00,000/- @ 7% per annum is reportedly credited to the loan account till date when the asset became Non-performing. However, RP was not able to see the interest credited in corporate debtor's account. Hence the RP asked the applicant with regard to such credit of interest amount in the account. 15. RP further stated that he is considering the interest credit in the loan account of Corporate Debtor by the rate of 7% PFA sheet having the same and as per new statement the claim of the applicant stands nil. In response to the said mail the applicant replied on 07.01.....
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....d admitted claim of Intec Capital Limited i.e. Rs. 69,38,050/-. However, Mr. Subhash Chander representative of the applicant raised objection on such reduction of the claim. 17. Heard both sides and gone through the records, it is found that RP received the claim from the applicant and verified the same according to the information available, thereafter, on receipt of additional information from Mr. Vasant Modi (Suspended Board of management) regarding the arbitration award. Hence the claim was provisionally admitted taking into consideration the arbitration award. However, on receipt of a mail from suspended board of management and RBI, as stated herein above, the claim of the applicant is refused by the RP. The said facts are duly been u....