TMI Blog2024 (4) TMI 437X X X X Extracts X X X X X X X X Extracts X X X X ..... d can be treated as other creditor. The application of the respondent was partly allowed by the Adjudicating Authority - HELD THAT:- It is clear that in the Resolution Plan which stood approved by the Adjudicating Authority and also upheld by this Tribunal by its order of the date in Company Appeal (AT) (Ins.) No.143 of 2024 [ 2024 (4) TMI 305 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI ], the total claim of the Appellant has been admitted as Rs.132,89,75,268/- and has been allocated Rs.1 Lakh. In this appeal it is not necessary for us to enter into the issue whether the Adjudicating Authority s order dated 30.11.2023 partly allowing the application of Rishima needs to be upheld or not. The order dated 30.11.2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts LLC (Mauritius) (hereinafter referred to as Rishima ) entered into a Share Subscription and Shareholders Agreement dated 07.08.2008 under which the Rishima acquired 35% shareholding of the Corporate Debtor. (ii) There being breach of the Share Subscription and Shareholders Agreement dated 07.08.2008, Rishima initiated arbitration proceedings in Singapore. Partial award was passed by the Arbitral Tribunal dated 21.02.2017 and 30.04.2019. (iii) Shristi Infrastructure Development Corporate Ltd. (SIDCL) and the Corporate Debtor challenged the partial award before the Singapore International Commercial Court which was dismissed on 03.03.2020. (iv) Rishima initiated proceedings before the Delhi High Court under Section 44, 46, 47, 48 and 49 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.1131/KB/2022 challenging the decision of the Resolution Professional dated 01.06.2022 and 16.03.2022. Resolution Professional filed reply to the I.A. (IB) No.1131/KB/2022. (xii) On 30.05.2023, the CoC approved the Resolution Plan of Shri Ram Multicom Private Limited. Resolution Professional filed I.A. (IB) No.1054/KB/2023 seeking approval of the Resolution Plan. (xiii) On 30.11.2023, the Adjudicating Authority passed an order allowing I.A. (IB) No.1131/KB/2022 filed by Rishima. The Adjudicating Authority by the impugned order held that Rishima cannot be called as a Financial Creditor and Rishima being a Decree Holder of a foreign award can be treated as other creditor. The application was partly allowed by the Adjudicating Authority. Aggr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r order of the date upholding the Resolution Plan. In order dated 04.01.2024, against the claim of Rishima of total amount of Rs.132,89,75,268/-, amount of Rs.1 Lakh has been allocated in the Resolution Plan which has been approved on 04.01.2024. While deciding Company Appeal (AT) (Ins.) No.143 of 2024, we have noted Para 6 of the order dated 04.01.2024 where the Adjudicating Authority has noticed the amount claimed, amount admitted and amount provided under the Resolution Plan. Para 6 of the order dated 04.01.2024 is as follows: 6. The Shriram Multicom Private Limited under this Resolution Plan, has provided for a total plan value for the Corporate Debtor of Rs.30,099.01 Lakhs. The amount claimed, amount admitted and the amount provided un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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