Applicants' Request to Join Proceedings Denied by Tribunal

The Tribunal concluded that the applicants were not necessary parties in the proceedings and rejected their prayers to be impleaded as respondents. Both applications were dismissed.

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Issues Involved:
1. Impleadment of applicants as respondents in IA No. 2286/2021 and IA No. 2275/2021.
2. Status and claims of financial creditors and composition of the Committee of Creditors (CoC).
3. Verification and admission of claims by the Interim Resolution Professional (IRP).
4. Role of the authorized representative in the receipt and verification of claims.

Issue-wise Detailed Analysis:

1. Impleadment of Applicants as Respondents:
The applicants sought to be impleaded as respondents in IA No. 2286/2021 and IA No. 2275/2021, arguing that they would be directly and substantially affected by the outcomes of these applications. The Tribunal noted that the applicants in both applications were the same individuals and that their arguments were identical. The Tribunal decided to dispose of both applications together.

2. Status and Claims of Financial Creditors and Composition of CoC:
The applicants, being members of the CoC, argued that their status as financial creditors and the composition of the CoC would be affected by the outcome of IA No. 2275/2021 and IA No. 2286/2021. They contended that misleading statements were made by the counsels for ACRE and ITSL about the applicants during the hearings, making them necessary and proper parties to the proceedings. The Tribunal observed that ACRE and ITSL had filed applications against the rejection of their claims by the IRP, which would determine the status of financial creditors and the composition of the CoC.

3. Verification and Admission of Claims by the IRP:
The Tribunal referred to the relevant provisions under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, particularly Regulations 8, 8A, 12, 13, and 14, which deal with the submission, verification, and admission of claims by the IRP. The Tribunal emphasized that it is the duty of the IRP to receive and collate all claims submitted by creditors and to verify these claims within seven days from the last date of receipt. The IRP is also authorized to determine or revise the amount of claims based on additional information.

4. Role of the Authorized Representative in Receipt and Verification of Claims:
The Tribunal highlighted that under Regulation 16A(5) of the IBBI Regulations, the authorized representative has no role in the receipt or verification of claims of creditors of the class he represents. The Tribunal also referred to Sections 18, 25, and 25A of the Insolvency and Bankruptcy Code (IBC), 2016, which outline the duties of the IRP and the rights and duties of the authorized representative. The Tribunal concluded that since the authorized representative has no role in the receipt or verification of claims, the association or allottees, who come under the class of creditors, also have no role in these processes.

Conclusion:
The Tribunal concluded that the applicants in both IA No. 2365/2021 and IA No. 2366/2021 were not necessary parties to the respective proceedings. Consequently, the Tribunal rejected the prayers to implead the applicants as respondents in IA No. 2286/2021 and IA No. 2275/2021. Both applications, IA No. 2365/2021 and IA No. 2366/2021, were dismissed.

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