2019 (2) TMI 1639

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.... 2. The appellant 'M/s. Prasad Gempex' filed a claim as 'Financial Creditor'. The 'Resolution Professional' rejected the claim. 'M/s. Prasad Gempex' thereafter claimed to be an 'Operational Creditor' on suggestion of the 'Resolution Professional' but the same has also been rejected. 3. According to the appellant 'M/s. Prasad Gempex' had filed 'Expression of Interest' before the 'Resolution Professional' but it was not taken care by the 'Committee of Creditors'. In this background, the appellant filed an application before the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai and by impugned order dated 22nd May, 2018, the Adjudi....

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....39; vs. Mr. V. Nagarajan - Company Appeal (AT) (Insolvency) No. 229 of 2018 etc.' The Appellate Tribunal by its judgment dated 30th January, 2019 held that 'Resolution Professional has no jurisdiction to decide the claim of one or other creditor, including 'Financial Creditor', 'Operational Creditor', 'Secured Creditor' or 'unsecured Creditor'. Referring to sub-section (6) of Section 60 of the 'I&B Code', this Appellate Tribunal further observed that after completion of the period of moratorium, a suit or application can be filed against the 'Corporate Debtor'. Relevant portion of Section 60 is quoted below:- "60. (1) The Adjudicating Authority, in relation to insolvency resol....

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....application against the 'corporate debtor' after completion of the period of moratorium. 8. The power of 'Resolution Professional' also fell for consideration before the Hon'ble Supreme Court in 'Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors. - Writ Petition (Civil) No. 99 of 2018'. In the said judgment dated 25th January, 2019, the Hon'ble Supreme Court held that 'Resolution Professional' has no adjudicatory power. The 'Resolution Professional' has to vet and verify the claims made and ultimately determine the amount of each claim. As opposed to this, the 'Liquidator' in the Liquidation proceedings under the I&B Code has to consolidate and verify the claims and either adm....

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....s. Prasad Gempex' to file claim in terms of sub-section (6) of Section 60 before the appropriate court of law or may file appropriate application against the 'corporate debtor' namely 'M/s. Star Agro Marine Exports Pvt. Ltd.', if the 'resolution plan' is approved and do not take proper care of the applicant. In case the 'resolution plan' is not approved and order of 'liquidation' is passed in respect of 'M/s. Star Agro Marine Exports Pvt. Ltd.', in such case, it will be open to the appellant 'M/s. Prasad Gempex' to file claim before the 'Liquidator' in accordance with the provisions as referred to above and the 'Liquidator' will decide the claim under Section 40 of ....