Tribunal dismisses application, upholds related party classification, denies Committee of Creditors inclusion and voting rights, rejects plea to set aside resolutions.

The Tribunal dismissed the application (IA No. 85/CTB/2019), upholding the Resolution Professional's decision to classify the applicant as a related party. The applicant's request for inclusion in the Committee of Creditors and voting rights was denied, and their plea to set aside resolutions from previous meetings was rejected. Interim orders to stay further meetings and maintain the status quo in the Corporate Insolvency Resolution Process were also dismissed.

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Issues Involved:
1. Inclusion of the applicant’s claim in the list of admitted claims/creditors.
2. Determination of whether the applicant is a "related party" of the Corporate Debtor.
3. Inclusion of the applicant in the Committee of Creditors and allowing voting rights.
4. Setting aside resolutions adopted in the Committee of Creditors' meetings.
5. Interim orders to stay further meetings and maintain status quo in the Corporate Insolvency Resolution Process (CIRP).

Issue-Wise Detailed Analysis:

1. Inclusion of the Applicant’s Claim in the List of Admitted Claims/Creditors:
- The first prayer of the applicant to include its claim in the list of admitted claims was not taken up during the argument.

2. Determination of Whether the Applicant is a "Related Party" of the Corporate Debtor:
- The core issue revolves around whether the applicant, M/s. SREI Infrastructure Finance Limited, is a "related party" as per Section 5(24) of the Insolvency and Bankruptcy Code, 2016.
- The Corporate Debtor, Odisha Slurry Pipe Line Infrastructure Limited, is under Corporate Insolvency Resolution Process (CIRP) and has 69.81% shareholding by India Growth Opportunity Fund (IGOF).
- The Resolution Professional (RP) classified the applicant as a related party, citing its association with IGOF.
- The applicant argued that it is not a related party, emphasizing that SREI Alternative Investment Manager Limited (SAIML), its wholly-owned subsidiary, manages IGOF as an investment manager without controlling it.
- The Tribunal examined various legal entities and their interconnections, including SREI Infrastructure Finance Ltd., SAIML, and SREI Multiple Asset Investment Trust (SMAIT).
- The Tribunal referred to definitions under Section 5(24) of the IBC, 2016, and the Supreme Court’s interpretation of "control" in Arcelor Mittal India Private Limited Vs. Satish Kumar Gupta.
- The Tribunal concluded that SAIML, being a wholly-owned subsidiary of the applicant, exercises significant control over IGOF, making the applicant a related party.

3. Inclusion of the Applicant in the Committee of Creditors and Allowing Voting Rights:
- The applicant sought inclusion in the Committee of Creditors and the right to vote in its meetings.
- Given the Tribunal’s finding that the applicant is a related party, it is disqualified from being included in the Committee of Creditors and exercising voting rights.

4. Setting Aside Resolutions Adopted in the Committee of Creditors' Meetings:
- The applicant requested to set aside resolutions adopted in the Committee of Creditors' meetings held on June 14, 2019, and July 18, 2019.
- The Tribunal did not find merit in this request, primarily because the applicant is deemed a related party and thus excluded from such proceedings.

5. Interim Orders to Stay Further Meetings and Maintain Status Quo in the CIRP:
- The applicant sought interim orders to stay further meetings of the Committee of Creditors and maintain status quo in the CIRP.
- Given the Tribunal’s decision on the related party status, these interim requests were also dismissed.

Conclusion:
- The Tribunal dismissed the application (IA No. 85/CTB/2019), upholding the Resolution Professional’s decision to classify the applicant as a related party.
- The Tribunal directed the registry to communicate the order to the petitioner and respondent and issue a certified copy upon compliance with requisite formalities.

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