2024 (5) TMI 470 - AT - Insolvency and Bankruptcy

Resolution plan resubmission deferred pending disposal of belated claims including NOIDA's secured creditor application

NCLAT Principal Bench disposed of appeal where appellant's claim was rejected after CoC approved resolution plan. Court held that since resolution plan ... Claim of appellant rejected on the ground that Resolution Plan has been approved by the CoC - right to claim consideration of claim again in third round - NOIDA’s status and claims - HELD THAT:- In view of the pendency of the Applications of the Appellant(s) before the Adjudicating Authority, which are yet to be adjudicated, it is not found necessary at this stage to enter into submission or express any opinion on merits. The approval of Resolution Plan by the CoC on 03.03.2020 being no more in operation and the SRA has to resubmit the Resolution Plan, as per direction of the Adjudicating Authority dated 05.03.2024 and has to include the claim of NOIDA as Secured Creditor with respect to other Applications, which are pending consideration, it is appropriate that resubmission of the Plan by SRA should await the disposal of those Applications. Applications, including Applications for acceptance of the claim, which although are belated claims, it is for the Adjudicating Authority to consider the Applications and take a decision as to whether the said claims have to be included or not. The learned Counsel for the Appellant has also referred and relied on the judgment of this Tribunal in PUNEET KAUR VERSUS KV DEVELOPERS PRIVATE LIMITED, MR. PANKAJ NARANG, COMMITTEE OF CREDITORS, CONSORTIUM OF SUMIT KUMAR KHANNA AND M/S. BRIJ KISHORE TRADING PVT. LTD. [2022 (6) TMI 108 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI], where this Tribunal held that even if the homebuyers has not filed the claim within the time, the RP is under obligation to include the claims, which are reflected in the records of the Corporate Debtor. The applications by different Applicants including these two Appellant(s) being pending consideration, at this stage, it is not necessary for this Tribunal to express any opinion on the merits of the Applications, which are pending adjudication before the Adjudicating Authority. As observed, resubmission of the Resolution Plan by the SRA has to await the decision of all other Applications, which was deferred by the Adjudicating Authority for consideration on 30.04.2024, as per order dated 05.03.2024 itself. There is no doubt that claim of the NOIDA has to be considered as per the direction dated 05.03.2024 as Secured Creditor, but since other Applications are still pending, the ends of justice will be served in disposing of these Appeal. The order passed by Adjudicating Authority is not being interfered with - Adjudicating Authority may consider and dispose of the Applications as noted in the order dated 05.03.2024, which were deferred for consideration on 30.04.2024 at an early date - petition disposed off. Issues Involved:1. Approval and resubmission of the Resolution Plan.2. Consideration of claims by homebuyers.3. Status and treatment of NOIDA as a secured creditor.Summary:Approval and Resubmission of the Resolution Plan:The Appeals were filed against the order dated 05.03.2024 by the National Company Law Tribunal (NCLT), New Delhi, which disposed of IA No.2518/2021, IA No.3615/2022, and IA No.4172/2022, and directed other IAs to be listed on 30.04.2024. The NCLT, following the Supreme Court's judgment in 'Greater Noida Industrial Development Authority Vs. Prabhjit Singh Soni & Ors.', remitted the Resolution Plan back to the Committee of Creditors (CoC) for resubmission after meeting the parameters set by the Insolvency and Bankruptcy Code (IBC) in light of the Supreme Court's observations.Consideration of Claims by Homebuyers:The Appellant in Company Appeal (AT) (Insolvency) No. 795 of 2024 argued that since the Resolution Plan approved by the CoC on 03.03.2020 was no longer in existence, the claims rejected earlier could now be considered. Similarly, Appellants in Company Appeal (AT) (Insolvency) Nos. 816 and 817 of 2024 sought the consideration of their claims, which were previously rejected due to the delay and the approval of the Resolution Plan by the CoC. The NCLT had directed that the pending IAs, including the claims of these Appellants, be listed on 30.04.2024.Status and Treatment of NOIDA as a Secured Creditor:The Supreme Court's judgment recognized NOIDA as a secured creditor, and the Resolution Plan was found not to meet the requirements of Section 30(2) of the IBC read with Regulations 37 and 38 of the CIRP Regulations, 2016. The NCLT directed the CoC to resubmit the Plan after considering NOIDA's claim as a secured creditor.Judgment Details:The Tribunal noted that the Resolution Plan approved by the CoC on 03.03.2020 was no longer in operation. The Adjudicating Authority's order dated 05.03.2024 required the Resolution Plan to be resubmitted by the Successful Resolution Applicant (SRA) to the CoC. The Tribunal directed that the resubmission of the Plan should await the disposal of the pending Applications, including those for the acceptance of belated claims. The Tribunal emphasized that the Adjudicating Authority should consider these Applications and decide whether the claims should be included.Conclusion:The Tribunal disposed of the Appeals with the following directions:1. The order dated 05.03.2024 was not interfered with.2. The Adjudicating Authority was requested to consider and dispose of the pending Applications at an early date.3. The SRA was directed to await the decision of the Adjudicating Authority on the pending Applications before resubmitting the Resolution Plan to the CoC.4. The Resolution Plan should be put before the CoC for consideration and voting after incorporating the Adjudicating Authority's directions.All pending IAs in these Appeals were also disposed of with no order as to costs.