TaxTMI 
TaxTMI 
2019 (7) TMI 510
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....019 With Company Appeal (AT) (Ins.) No. 292 of 2019 With Company Appeal (AT) (Ins.) No. 293 of 2019 With Company Appeal (AT) (Ins.) No. 300 of 2019 With Company Appeal (AT) (Ins.) Nos. 302-303 of 2019 With Company Appeal (AT) (Ins.) Nos. 304-305 of 2019 With Company Appeal (AT) (Ins.) Nos. 332-333 of 2019 With Company Appeal (AT) (Ins.) Nos. 337 of 2019 With Company Appeal (AT) (Ins.) Nos. 338 of 2019 With Company Appeal (AT) (Ins.) Nos. 345 of 2019 With Company Appeal (AT) (Ins.) Nos. 349 of 2019 With Company Appeal (AT) (Ins) No. 361 of 2019 With Company Appeal (AT) (Ins) No. 374 of 2019 With Company Appeal (AT) (Ins) No. 375 of 2019 With Company Appeal (AT) (Ins) No. 376 of 2019 With Company Appeal (AT) (Ins) No. 428 of 2019 Wiwith Company Appeal (AT) (Ins) No. 429 of 2019 With Company Appeal (AT) (Ins) No. 449 of 2019 With Company Appeal (AT) (Ins) No. 454 of 2019 04-07-2019 For The Appellant : Mr. Kapil Sibal, Sr. Advocate with Mr. Sandeep Singh, Mr. Gaurav Mathur, Ms. Anushree Kapadia, Mr. Adit Pujari and Mr. Raghav Tankha and Mr. Abhishek Shah, Advocates, Dr. U. K. Chaudhary, Sr. Advocate with Mr. Nakul Mohta, Mr. Johnson Subba and Mr. Dhruv Gupta, Advocates Mr. Haren Rawa....
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....ination or the modification of 'Resolution Plan' as suggested by the Adjudicating Authority. 6. For the reasons aforesaid, before deciding the issues whether distribution of amount amongst the 'Financial Creditors', 'Operational Creditors' and other stakeholders as shown in the impugned order dated 8th March, 2019 is discriminatory or not or whether the modification of plan as suggested by the Adjudicating Authority is proper or not, it is desirable to decide the issue as to 'whether 'ArcelorMittal India Pvt. Ltd.' is eligible to file 'Resolution Plan' or not as raised by Mr. Prashant Ruia, the promoter of 'Essar Steel India Limited' and one of its shareholders. Company Appeal (AT) (Insol.) No. 257 of 2019─ (Prashant Ruia v. State Bank of India & Ors.) 7. The grievance of the Appellant- Mr. Prashant Ruia is that though the Board of Directors were to take part in each meeting of the 'Committee of Creditors' and were to participate but the members of the Board of Directors were often either asked to leave the meeting room and/ or were invited to take part is some of the meeting, and were excluded from participating during discussions and/or deliberations of the 'Resolutio....
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....behest of Mr. Lakshmi Mittal has also been enclosed, which were stated to have been placed before the 'Committee of Creditors' of 'Essar Steel India Limited', before acceptance of the 'Resolution Plan'. 13. Mr. Harin Rawal, learned Senior Counsel appears on behalf of Intervenor- 'Essar Steel Asia Holdings Limited'- one of the shareholder of 'Essar Steel India Limited'. 14. According to him, 'ArcelorMittal India Pvt. Ltd.' is ineligible in terms of Section 29A (c) read with Section 29A (j) of the 'I&B Code'. It is informed that Mr. L.N. Mittal held 10 shares in 'Navoday Consultants Ltd.'. As per the statutory filings, Mr. L.N. Mittal is classified as a person holding shares as a Promoter and as part of the Promoter Group. Under the provisions of 'I&B Code', there is no distinction between a Promoter and/ or Promoter Group. 15. Further, according to him, 'Navoday Consultants Limited' is a Promoter of 'GPI Textiles' and 'Gontermann Piepers'. Under the provisions of the 'I&B Code', a person stands ineligible irrespective of the quantum of association with a particular entity. 16. It was further submitted that neither the provisions of the 'I&B Code', nor the judgment dated 4th ....
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....e decision of the Hon'ble Supreme Court in 'ArcelorMittal India Pvt. Ltd.'. 21. Mr. Harish Salve, learned Senior Counsel on behalf of 'ArcelorMittal India Pvt. Ltd.'- ('Successful Resolution Applicant') submitted that the issue relating to 'Navoday Consultants Limited' as raised in the application is one of the multiple mala fide attempts to derail the 'Corporate Insolvency Resolution Process' of the 'Corporate Debtor'. He referred the following attempts as made on behalf of the Promoters: a. First attempt: Immediately after the 'Reserve Bank of India' (RBI) referred ESIL for CIRP, ESIL filed a writ petition, being W.P No. 12424/2017 before the Hon'ble High Court of Gujrat, inter alia, seeking quashing of the Press Release dated 13.06.2017 of RBI and directions against the consortium of lenders to implement the alleged debt restructuring plan submitted by ESIL. b. Second attempt: As a part of the design to re-acquire ESIL, the promoters of ESIL submitted a Resolution Plan on 12.02.2018 in the name of Numetal Limited, which was later found ineligible by the Hon'ble Supreme Court under Section 29A of the IBC on account of the looming presence of Mr. Rewant Ruia. The Hon&#....
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....g upon him to challenge the eligibility of AMIPL. At the instigation of Numetal, the Resolution Professional of GPI Textiles filed an application on 31.10.2018 before the Adjudicating Authority, Ahmedabad seeking declaration of AMIPL as an ineligible resolution applicant. Pertinently, each of the pleas/grounds (pertaining to GPI Textiles) being raised by the present Applicant, were raised by the Resolution Professional of GPI Textiles also. However, the said application was withdrawn on 07.03.2019. g. Seventh attempt: Prashant Ruia other suspended Board of Directors filed an application before the Adjudicating Authority bearing IA No. 64 of 2019 seeking rejection of the resolution plan of AMIPL for non-compliance of the judgment passed by Hon'ble Supreme Court of India in Vijay Kumar Jain v. Standard Chartered Bank & Others, Civil Appeal No. 8430 of 2018. The said Application was also rejected by the Adjudicating Authority vide its common Judgment dated 08.03.2019. The Company Appeal No. 257 of 2019 filed against such order is pending before this Hon'ble Appellate Authority. h. Eighth attempt: By way of the captioned application, ESAHL has now sought to contend, in....
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.... Mr. L.N. Mittal is alleged to have held 10 shares out of a total issued and outstanding share capital of 17,18,888 shares (i.e., 0.00058% of the total paid up capital). It is submitted and reiterated that Mr. L.N. Mittal does not hold any shares in the said companies and, in any case, a mere holding of 0.00058% of total paid up capital of NCL, cannot invite any ineligibility under Section 29A IBC. * The entire surmise of the Application is ill-conceived. Without prejudice to what has been stated above, it is pertinent to note that NCL holds only 0.91% of shareholding in Gontermann Peipers (and 11.61% in GPI Textiles). The Applicant has tried to allege since NCL is named as a promoter of GPI Textiles & Gontermann Peipers, Mr. L.N. Mittal can be called as promoter of GPI Textiles and Gontermann Peipers. This argument is not only fallacious but is an attempt to mislead this Appellate Tribunal. Even if the averments made in the present application are taken at its face value, Mr. L.N. Mittal cannot be called a promoter of GPI Textiles and Gontermann Peipers merely because according to the Applicant he is a promoter of NCL. It is reiterated that neither Mr. L.N. Mittal holds any sha....
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....very same issue which stands decided by the Hon'ble Supreme Court. Any attempt to reopen those issues would effectively amount to review or reconsideration of the order of the Hon'ble Supreme Court. The relevant extract of the judgment of the Hon'ble Supreme Court wherein aforesaid facts were noticed is reproduced below for ease of reference: "18...... Shri Rohatgi further argued that Shri Pramod Mittal, brother of Shri L. N. Mittal, is a connected person, which would trigger Section 29A(j). Shri Pramod Mittal is a promoter and director of one 'GontermannPiepers (India) Limited', which has also been declared an NPA, rendering Shri L. N. Mittal ineligible under Section 29A (j). Equally, Shri L. N. Mittal, Shri Pramod Mittal and other members of the Mittal family are promoters of one 'Ispat Profiles India Limited'. This company was ordered to be wound up by the BIFR, appeals from which have been dismissed by the AAIFR. Consequently, Shri L. N. Mittal, as a related party of Shri Pramod Mittal, would render AMIPL ineligible under sub-clause (c) read with sub-clause (j) of Section 29A of the Code. 112. Shri Rohatgi also argued before us that Shri Pramod Mittal, brother of Shri Lax....
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....ew of the decision and directions of the Hon'ble Supreme Court under Article 142 of the Constitution of India in "Arcelormittal India Private Limited" (Supra). Hence, at this stage, we are not inclined to re-open the question of eligibility or ineligibility of 'ArcelorMittal India Pvt. Ltd.', which stands closed in view of the decision and directions of the Hon'ble Supreme Court. 30. So far as the Appellant- Mr. Prashant Ruia's right of subrogration under Section 140 of the Contract Act and right to be indemnified under Section 145 of the said Act is concerned, the question of exercising such right does not arise in the present case. 31. The Appellant- Mr. Prashant Ruia has executed a 'Deed of Guarantee' between the lenders and the 'Corporate Debtor'. Such guarantee is with regard to clearance of debt. Once the debt payable by the 'Corporate Debtor' stands cleared in view of the approval of the plan by making payment in favour of the lenders ('Financial Creditors'), the effect of 'Deed of Guarantee' comes to an end as the debt stands paid. The guarantee having become ineffective in view of payment of debt by way of resolution to the original lenders ('Financial Creditors'), the....
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....e, but not been reflected and added in the 'Corporate Insolvency Resolution Process Costs'. Company Appeal (AT) (Insol.) No. 338 of 2019 (Global Transnational Trading FZE) ('Operational Creditor) 36. According to Appellant- 'Global Transnational Trading FZE', it supplied goods to the 'Corporate Debtor' amounting to Rs. 18,19,73,638/- and the 'Resolution Professional' accepted claim to the extent of Rs. 17,09,83,857/- but amount receivable by it has been notionally admitted at Re. 1/- only by the 'Resolution Professional'. Company Appeal (AT) (Insol.) No. 361 of 2019 (State Tax Officer (3)) ('Operational Creditor) 37. According to the Appellant, the 'State Tax Department' filed claim of Rs. 544 Crores approx., but it's claim has been notionally admitted at Re.1/- only by the 'Resolution Professional'. Company Appeal (AT) (Insol.) No. 374 of 2019 (Indian Oil Corporation Ltd.) ('Operational Creditor') 38. According to the Appellant- 'Indian Oil Corporation Ltd.', it had submitted a claim of Rs. 3762,58,74,503/- to the 'Resolution Professional', who has admitted notional amount of Re. 1/- Only. Company Appeal (AT) (Insol.) No. 376 of 2019 (Bharat Petroleum Corporation Lim....
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....0,000 467/2018 Dakshin Gujarat Vij Co. Ltd. 606,49,00,000 468/2018 State Tax Officer 544,00,00,000 443/2018 Gujarat Energy Transmission Corporation Ltd. 896,52,00,000 325/2018 Bharat Petroleum Corporation Limited 443,05,33,379 53/2018 Bharat Petroleum Corporation Limited 503,83,46,437 469/2018 Indian Oil Corporation Ltd. 3762,58,74,503 52/2019 MSTC Limited 813,30,00,000 438/2018 GAIL India Limited 2,47,26,000 470/2018 Global Transnational Trading FZE NA The order passed by the Adjudicating Authority in respect of claim of aforesaid 'Operational Creditors', we hold that the total amount aforesaid is to be added towards claim of the 'Operational Creditors'. Company Appeal (AT) (Insol.) Nos. 304-305 of 2019 (Subham Cargo Movers) 44. According to the counsel for the Appellant, the 'Resolution Professional' admitted the claim of the Appellant to the extent of Rs. 9,44,85,287/- (97.62%), but 'NIL' amount (0%) has been proposed to be paid in the 'Resolution Plan'. Company Appeal (AT) (Insol.) Nos. 332-333 of 2019 (Sakar Industries Pvt. Ltd.) 45. The grievance of the Appellant is that the 'Resolution Professional' had admitted the ....
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....ted claim. Company Appeal (AT) (Insol.) No. 242 of 2019 (I.A No. 1266 of 2019) (Palco Recycle Industries Ltd.- (Operational Creditor) 53. The Appellant has supplied aluminium wire rod and aluminium wire as raw material under various purchases orders. It filed claim of Rs. 2,40,66,551/- of which Rs. 2,36,58,977/- (98.3%) admitted by the 'Resolution Professional'. However, 'NIL' amount (0%) has been allocated. Company Appeal (AT) (Insol.) No. 454 of 2019 (Oil and Natural Gas Corporation Limited) 54. In case of 'Oil and Natural Gas Corporation Limited' though the 'Resolution Professional' allowed the principal amount but no interest was allowed. In similar case of 'Indian Oil Corporation Limited', the Adjudicating Authority allowed the interest and ordered to accept the total claim. 55. In I.A. No. 14 of 2019 filed by 'ONGC', the Adjudicating Authority observed: "The applicant has sought prayer to intervene in the present proceedings, which pertains to approval of resolution plan, in I.A. No. 431 of 2018. Since we have already recorded that claim of the Indian Oil Corporation Ltd. (in its IA. No. 469 of 2018) can be admitted by the Resolution Professional in creditors lis....
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....y Duty as well as Rs. 152.50 Crores towards Tax on Sale of Electricity totalling Rs. 861.19 Crores. 60. According to the Appellants, as per the required and statutory procedure the Appellants filed claim with proof on 14th August, 2017 persuant to Public Notice dated 5th August, 2017 issued by the 'Resolution Professional'. However, the claim has not been reflected by the 'Resolution Professional'. 61. Further, the case of the Appellants is that the 'Corporate Debtor' moved before the Hon'ble Supreme Court by Civil Appeal No. 4842 of 2017 which was not entertained. Thereafter, the 'Corporate Debtor' filed Review Petition (C) No. 2234 of 2017 in Civil Appeal No. 4842 of 2017 which was also dismissed by the Hon'ble Supreme Court on 5 th October, 2017. Thereafter, the Curative Petition No. 53 of 2018 was filed by the 'Corporate Debtor' through 'Resolution Professional' which was also dismissed by the Hon'ble Supreme Court on 13th February, 2019. 62. The grievance of the Appellants is that amount of Rs. 1321.48 Crores which includes the electricity duty and tax on sale of electricity including interest thereon though crystallized but amount has not been collated by the 'Resolutio....
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....not allowed the rest of its claim of Rs. 9,25,55,481/- towards interest. Therefore, the Appellant challenged such decision. 68. The Adjudicating Authority by impugned order dated 8th March, 2019 partly allowed the I.A. No. 62 of 2019 and held that their interest as being 'Operational Creditor' can be adequately taken care at the time of dealing with main I.A. No. 431 of 2018, for judicious distribution/ apportionment of the amount receivable through the resolution plan among 'Financial/ Operational Creditors' and other stakeholders, in terms of Section 53 of the 'I&B Code'. 69. In view of the fact that the claim of the Appellant is similarly placed like 'Oil and Natural Gas Corporation Ltd.' and 'Gail India Limited' (in one of the appeal), we hold that the Appellant- 'NTPC Limited' is also entitled to get the same relief as accepted by the Adjudicating Authority. Therefore, their total claim of Rs. 10,45,00,264/-, which includes interest is allowed. Company Appeal (AT) (Insol.) No. 181 of 2019- (L&T Infrastructure Finance Company Ltd.) 70. 'L&T Infrastructure Finance Company Limited' preferred the appeal challenging the order of rejection of its claim. 71. The Appellant- ....
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....d facts, we hold that the Adjudicating Authority rightly held that 'L&T Infrastructure Finance Company Limited' cannot be classified as a 'Financial Creditor', there being no 'financial debt' payable by the 'Corporate Debtor' ('Essar Steel India Limited'). The record show that the cheques were issued by the 'Corporate Debtor' due to its payment obligation towards 'Bhander Power Limited' and not issued with a view to secure any payment obligation of principal borrower- ('EPGL'). 76. In view of the aforesaid position, we are not inclined to allow the prayer made in Company Appeal (AT) (Insol.) No. 181 of 2019 preferred by 'L&T Infrastructure Finance Company Limited'. The appeal is dismissed. Company Appeal (AT) (Insol.) No. 517 of 2019─ (Gail (India) Ltd.) 77. According to the Appellant, pursuant to 'Gas Sale Agreement' ('GSA') dated 28th March, 2014 executed with the Appellant's Mumbai Zonal Office ('MZO'). The 'Corporate Debtor' for its Pune plant has executed the 'GSA' with 'MZO' for the sale of natural gas for a period of 14 years, expiring in the year 2028. The Appellant purchases/ imports natural gas from 'RasGas' (a company incorporated under the law of 'Qatar') wh....
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.... In this case, the Appellant filed claim within time on 6th December, 2017 for Take or Pay obligation qua contract year 2016 amounting to Rs. 117.26 Crores plus Rs. 8.28 Crores. Another claim was made on 26th October, 2018 for Take or Pay obligation qua contract year 2017 amounting to Rs. 111.94 Crores plus Rs. 9.78 Crores apart from future claims as and when there will be a rise as per the agreement. 83. The Appellant's total claim was Rs. 247.26 Crores but only the claim dated 6th December, 2017 of 'Gail (India) Ltd.' amounting to Rs. 124.882 Crores was admitted by the 'Resolution Professional' against which 'NIL' amount has been proposed to be paid. 84. It appears that the claim amount of contract year 2017 made on 26th October, 2018 relates to 'Corporate Insolvency Resolution Process'. In the aforesaid background, it has not been taken care of by the 'Resolution Professional' while collating the claim. Therefore, we are concerned with the admitted claim of Rs. 124.882 Crores as admitted by the 'Resolution Professional'. The order as may be passed in other appeal with regard to distribution of amount proposed by the 'Resolution Applicant' will be applicable to this Appellant....
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....various details and documents including, ledger account, bank statements, annual report and TDS certificates, to which the Appellants responded to the same vide email dated 6th September, 2017. 90. The Appellants received a communication from the 'Resolution Professional' seeking various details and documents including confirmation whether the agreement is properly stamped as per Stamp Act and TDS certificates from 14th August, 2014 till 2nd August, 2017. The 'Resolution Professional' has not admitted their claim vide letter dated 23rd January, 2018 as agreement dated 14th August, 2014 seems insufficiently stamped. 91. It is stated that thereafter since 5th February, 2018, the Appellants provided the Form 26 AS certificate to the 'Resolution Professional'. The Form 26 AS provided for the TDS deposits made by the 'Corporate Debtor' which indicate the acknowledgement of the debt, finally the claim was not accepted in absence of original copy of agreement. 92. In December, 2015-16, the Appellants moved before the Adjudicating Authority vide I.A. No. 482 of 2018 seeking directions to the Respondent to admit the claim. After notice, the said matter was tagged along with other appl....
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....y of the 'Corporate Debtor'. It was also informed by the 'Corporate Debtor' to the 'Reserve Bank of India' on 5th August, 2010. 97. Having received the clearance, on the request of the 'Corporate Debtor' on 20th August, 2010, the Appellant- 'Standard Chartered Bank' advanced a loan of US$ 500,000,000 to 'M/s. Essar Steel Offshore Limited', a wholly owned subsidiary of the 'Corporate Debtor'. 98. On 18th November, 2013, the 'Corporate Debtor' informed the 'Steering Committee of lenders' including the 'State Bank of India' in respect of refinancing of the facility granted by the 'Standard Chartered Bank' and issuance of Corporate Guarantee. 99. The facility came to be refinanced to the tune of US$ 413,000,000 by way of an Agreement. Such refinancing became necessary owing to financial difficulties of the 'Corporate Debtor' and 'M/s. Essar Steel Offshore Limited'. 100. An Agreement was reached on 7th February, 2014 (along with the Agreement executed on 3rd January, 2014 (hereinafter referred to as "Facility Agreement") amending the Agreement dated 3rd January, 2014. On 26th March, 2014, a 'Share Pledge Agreement' was executed by the 'Corporate Debtor' for securing the financia....
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....ndard Chartered Bank', similar grievance has been made by the 'State Bank of India. According to counsel for the 'State Bank of India', there is no justification for placing its claims on some different criteria than the 'Project Asset Secured Lenders'. Company Appeal (AT) (Insol.) No. 265 of 2019 ('Committee of Creditors') 107. The 'Committee of Creditors' of 'Essar Steel India Limited' has challenged part of the impugned order dated 8th March, 2019. Their limited grievance is that while approving the 'Resolution Plan', the Adjudicating Authority has proceeded to make some suggestions and observations and rendered advice which is not only without jurisdiction but also ultra vires to the 'I&B Code' and in contradiction of its own findings. As the 'Standard Chartered Bank' has raised all the issues, we have discussed the matter at appropriate stage. Validity of 'Resolution Plan' 108. For proper understanding of the case, it is desirable to notice the chart of distribution as was proposed by 'Resolution Applicant' at the instance of the 'Committee of Creditors' and approved in its meeting held on 25th October, 2018, which as follows: "DISTRIBUTION AS PER THE SUCCESSFUL RESO....
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.... 91.99% Total(B1) 45,559.24 41,909.29 91.99% B2. Secured Financial Creditors (having no charge on project assets of the Corporate Debtor) Standard Chartered Bank 3,487.10 60.71 1.74% Total (B2) 3,487.10 60.71 1.74% Total (B1+B2) *49,046.34 41,970.00 As set out above at B1 and B2 C. Unsecured Financial Creditors C1 Unsecured Financial Creditors (With admitted claims less than Rs. 10,00,000) Melwani Gopal Tharumal and/or Melwani Vinod 0.08 0.08 100% Arvind Parakh HUF 0.08 0.08 100% Mr. Arvinlal N Shah & Mrs. Indumati A. Shah 0.08 0.08 100% Mr. Jiwat K. Dansanghani and Mrs. Neetu J Dansanghani 0.03 0.03 100% Nathu Ram Verma 0.02 0.02 100% Total (C1) - ~0.30 ~0.30 100% C2 Unsecured Financial Creditors (with admitted claims equal to or above Rs. 10,00,000) State Bank of India 5.57 0.23 4.08% Bank of Baroda 7.70 0.31 4.08% Standard Chartered Bank 7....
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.... (iv) 'Unsecured Financial Creditors' (with admitted claims equal to or above Rs. 10,00,000). 110. In so far as the 'Operational Creditors' are concerned, they have been categorised as (i) 'Operational Creditors' (workmen and employees); (ii) the 'Operational Creditors' (other than workmen and employees), but admitted claim amount is less than Rs. 1 Crore and (iii) the 'Operational Creditors' (whose admitted claim is equal to or more than Rs. 1 Crore). 111. The 'Operational Creditors' (who are workmen and employees) and the 'Operational Creditors' whose admitted dues is less than Rs. 1 Crore and have been paid 100% of their dues, but the rest of the 'Operational Creditors' whose claim admitted at notional amount of Re.1/- (one rupee) or Rs. 1 Crore or more, they have been provided with 'NIL' amount i.e. 0% (zero percent). 112. Mr. Kapil Sibal, learned Senior Counsel for the Appellant- 'Standard Chartered Bank' questioned the role of the 'Committee of Creditors' and the powers of the Adjudicating Authority while considering the 'Resolution Plan'. 113. According to learned Senior Counsel for the 'Standard Chartered Bank', the 'Committee of Creditors' does not enjoy any author....
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....19. Learned counsel appearing on behalf of 'Standard Chartered Bank' also referred to a letter dated 10th September, 2018 written by Mr. Sanjay Sharma of 'ArcelorMittal India Pvt. Ltd.', whereby Mr. Satish Kumar Gupta, the 'Resolution Professional' has been informed that 'ArcelorMittal India Pvt. Ltd.' without prejudice to their rights proposed an offer to pay upfront amount of Rs. 42,000/- Crores towards the resolution of the debt of secured financial lenders of 'Essar Steel India Limited'. The letter reflects 100% of the principal outstanding dues of the secured creditors of 'Essar Steel India Limited', which reads as follows:- 120. A breakup of admitted claims put by 'Resolution Professional' on 'Virtual Data Room' has been produced by learned Counsel for the 'Standard Chartered Bank' to suggest as to why 'ArcelorMittal India Pvt. Ltd.' offered to pay upfront payment of Rs. 42,000/- Crores being 100% payment to the 'Financial Creditors', which is as follows: 121. The records suggest that in the 9th Meeting of the 'Committee of Creditors' held on 21st March, 2018, the representative of the 'State Bank of India' recommended formation of a 'Core Committee' so as to facilitate r....
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....ia Pvt. Ltd.' was asked to revise its plan in a manner, which shows 'ArcelorMittal India Pvt. Ltd.' has offered upfront payment of Rs. 39,500 Crores for payment to the 'Financial Creditors', and Rs. 2,500 Crores towards working capital amount i.e. total Rs. 42,000 Crores. 126. The grievance of the Appellant is that as a result of secret negotiations by the 'Sub Committee', the upfront amount offered by 'ArcelorMittal India Pvt. Ltd.' was reduced from Rs. 42,000 Crores to Rs. 39,500 Crores. 127. According to learned counsel for the 'Standard Chartered Bank', the reduction in the upfront amount and the agreement to delegate the manner of distribution was evidently designed to (a) prejudice the right of 'Standard Chartered Bank' to be paid its 100% principal outstanding and (b) in doing so to secretly settle with the major lenders of 'Odisha Slurry Pipeline Infrastructure Limited' (such major, lenders are the creditors constituting the 'Core Committee' of 'Essar Steel India Ltd.'s 'Corporate Insolvency Resolution Process') whose outstanding debt in 'Odisha Slurry Pipeline Infrastructure Limited' constitutes 65% (approx..) of the total debt of 'Odisha Slurry Pipeline Infrastructure....
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.... for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the [payment] of other debts of the corporate debtor; (b) provides for the [payment] of the debts of operational creditors in such manner as may be specified by the Board which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the corporate debtor under section 53; (c) provides for the management of the affairs of the Corporate debtor after approval of the resolution plan; (d) The implementation and supervision of the resolution plan; (e) does not contravene any of the provisions of the law for the time being in force (f) confirms to such other requirements as may be specified by the Board. [Explanation. - For the purposes of clause (e), if any approval of shareholders is required under the Companies Act, 2013(18 of 2013) or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law.] (3) The resolution professional shall present to the committee of creditors....
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....uch manner as may be specified by the Board. The said provision makes it clear that the 'Resolution Applicant' in its 'Resolution Plan' must provide the amount it proposes to pay one or other Creditors, including the 'Operational Creditors' and the 'Financial Creditors'. 133. Sub-section (3) of Section 30 suggests that the 'Resolution Professional' is required to present before the 'Committee of Creditors', the 'Resolution Plan' which confirms the conditions referred to in sub-section (2) that means if the 'Resolution Plan' do not show the distribution amongst the 'Financial Creditors' and the 'Operational Creditors', it cannot be placed before the 'Committee of Creditors'. 134. Sub-section (4) of Section 30 provides that the 'Resolution Plan' is required to be approved by a vote of not less than 66% of voting share of the 'Financial Creditors', after considering its feasibility and viability and such other requirements as may be specified by the Board. Thereby, all members of the 'Committee of Creditors' who are present are required to go through the 'Resolution Plan' to find out whether it is in accordance with sub-section (2) of Section 30; and whether it's feasible and vi....
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....'. 137. The RFP issued by the 'Resolution Professional' on 24th December, 2017 contains further clauses in respect of the above, relevant of which are as follows:- "(i) "4. RESOLUTION PLAN PROCESS 4.1....... It is hereby clarified that if any resolution plan (or the terms thereof which is received by the Resolution Professional is not pursuant to this Request for Proposal document and/or such plan is not in accordance with the terms and conditions set out in this Request for Proposal document, then such resolution plan shall not be considered eligible for evaluation by the Committee of Creditors." (ii) "4.6 Contents of the Resolution Plan 4.6.1 The Resolution Applicant shall mandatorily include the following in its Resolution Plan, as set out in Section 30(2) of the IB Code read with Regulation 38 of the CIRP Regulations: xxx xxx xxx (d) statement as to how it would deal with the interest of all stakeholders, including but not limited to break-up of amounts to be paid to secured Financial Creditors, unsecured Financial Creditors and Operational Creditors, of the Company;" 138. From the aforesaid provisions, it is clear that the 'Committee of Creditors' have not b....
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....be distributed to the Secured Financial Creditors. All such allocations to the Financial Creditors will be binding on all stakeholders." 143. The final 'Resolution Plan' delegating the power of 'ArcelorMittal India Pvt. Ltd.' to 'Committee of Creditors' being against the provision of sub-section (2) of Section 30 and Regulation 38 (1A), the 'Committee of Creditors' should have requested the 'ArcelorMittal India Pvt. Ltd.' ('Resolution Applicant') to distribute the amount amongst the 'Financial Creditors' and the 'Operational Creditors' and other stakeholders. 144. The suggestion of 'Resolution Applicant' to distribute the financial package offered by it only to the 'Secured Financial Creditors', denying the right of 'Operational Creditors' and other stakeholders, is also against the provisions of Section 30 (2) and Regulation 38 (1A), and thereby cannot be upheld. In fact, the 'Resolution Plan' originally cleared by the 'Resolution Professional' presumed to be in consonance of Section 30(2) of the 'I&B Code'. However, after negotiation with sub-committee, the plan was so modified which violates the provisions of Section 30(2) of the 'I&B Code' and Regulation 38 (1A) as observed....
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....under a resolution plan shall be given priority in payment over financial creditors. (1-A) A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor." 147. As per the aforesaid decision of the Hon'ble Supreme Court, the regulation strengthens the rights of the 'Operational Creditors' by statutorily incorporating the principle of fair and equitable dealing of 'Operational Creditors' rights, together with priority in payment over 'Financial Creditors'. 148. The Hon'ble Supreme Court noticed that the NCLAT, while looking into viability and feasibility of the 'Resolution Plan' that are approved by the 'Committee of Creditors', always gone into whether 'Operational Creditors' are given roughly the same treatment as 'Financial Creditors', and if they are not, such plans are either rejected or modified so that the 'Operational Creditors' rights are safeguarded. 149. In the present case, we have noticed a huge discrimination made by the 'Committee of Creditors' in distribution of proposed amount to the 'Operational Creditors' qua 'Financial Creditors'. ....
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....t none of the reports empowers the 'Committee of Creditors' to decide the distribution amongst the stakeholders (lenders). 153. The inter se distribution amongst the 'Financial Creditors' cannot be held to be purely commercial in nature. The same cannot, by any stretch of imagination, come within the purview of the 'Committee of Creditors' who is supposed to look into viability and feasibility under the 'I&B Code' and other prescription as made by the Insolvency and Bankruptcy Board of India. The commercial aspect is one and manner of distribution of the upfront amount is different than that of the commercial aspect. For the said reasons, the 'I&B Code' and Regulations framed thereunder empowers the 'Resolution Applicant' to decide the manner in which the distribution is to be made and not to the 'Committee of Creditors'. Role of 'Committee of Creditors' 154. In "Swiss Ribbons Pvt. Ltd. & Anr." (Supra), the Hon'ble Supreme Court observed that since the 'Financial Creditors' are in the business of money lending, banks and financial institutions are best equipped to assess viability and feasibility of the business of the 'Corporate Debtor'. Even at the time of granting loans, t....
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.... Creditors'. 158. A 'Corporate Insolvency Resolution Process' entails a large variety of decisions by an 'Operational Creditor', 'Financial Creditor', the IP, the 'Committee of Creditors' and 'Resolution Applicants'. This piece, however, enumerates four key commercial decisions, which a 'Committee of Creditors' is required to take in a 'Corporate Insolvency Resolution Process', to reorganise the 'Corporate Debtor' as a going concern to maximise the value of its assets. (a) A 'Corporate Debtor' in a market economy fails to deliver for two broad reasons. First, it carries on a business which is no more viable for exogenous reasons such as innovation. Most such 'Corporate Debtors' have economic distress and are unviable. However, a few of them may have resources to change the business line and become viable. Second, the 'Corporate Debtor' is not doing well for endogenous reasons such as its inability to compete at market place, while other Corporates in the same business are doing well. Many of such Corporates have financial distress but are viable. However, a few of them may have significantly depleted their resources and become unviable. The 'Committee of Creditors' must correc....
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.... These considerations ensure that the 'Resolution Plan' achieves reorganisation of the 'Corporate Debtor' as a going concern, on a sustained basis. Of the plans which meet these requirements, the 'Committee of Creditors' must approve that 'Resolution Plan' which maximises the value of the assets of the 'Corporate Debtor' and balance all the stakeholders, irrespective of realisation for creditors under the plan. 159. The 'Committee of Creditors' also takes a few other decisions along with approval of 'Resolution Plan'. It may approve restructuring of realisations for 'Financial Creditors' to enhance maximisation of value under the 'Resolution Plan'. It may also approve sharing the realisations under the plan between 'Financial Creditors' and 'Operational Creditors' or between classes of Financial Creditors' or 'Operational Creditors', or exemptions from taxes and duties sought for implementation of the plan, etc. These are strictly not the commercial decisions and, therefore, not beyond scrutiny. In any case, the 'I&B Code' does not mandate consideration of these aspects while approving a resolution plan, as these may not have a bearing on viability and feasibility of the plan. Th....
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....imilar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on non-recourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; [Explanation. -For the purposes of this sub-clause, - (i) any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and (ii) the expressions, "allottee" and "real estate project" shall have the meanings respectively assigned to them in clauses (d) and (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);] (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any co....
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....urity in the manner set out in section 52; (c) wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation commencement date; (d) financial debts owed to unsecured creditors; (e) the following dues shall rank equally between and among the following: - (i) any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date; (ii) debts owed to a secured creditor for any amount unpaid following the enforcement of security interest; (f) any remaining debts and dues; (g) preference shareholders, if any; and (h) equity shareholders or partners, as the case may be. (2) Any contractual arrangements between recipients under sub-section (1) with equal ranking, if disrupting the order of priority under that subsection shall be disregarded by the liquidator. (3) The fees payable to the liquidator shall be deducted proportionately from the proceeds payable to each class of reci....
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....' held:- "48. If the 'Operational Creditors' are ignored and provided with 'liquidation value' on the basis of misplaced notion and misreading of Section 30(2)(b) of the 'I&B Code', then in such case no creditor will supply the goods or render services on credit to any 'Corporate Debtor'. All those who will supply goods and provide services, will ask for advance payment for such supply of goods or to render services which will be against the basic principle of the 'I&B Code' and will also affect the Indian economy. Therefore, it is necessary to balance the 'Financial Creditors' and the 'Operational Creditors' while emphasizing on maximization of the assets of the 'Corporate Debtor'. Any 'Resolution Plan' if shown to be discriminatory against one or other 'Financial Creditor' or the 'Operational Creditor', such plan can be held to be against the provisions of the 'I&B Code'." 172. Therefore, we hold that the 'Financial Creditors' cannot be discriminated on the ground of 'Secured' or 'Unsecured Financial Creditors' for the purpose of distribution of proposed amount amongst stakeholders in the 'Resolution Plan' by the 'Resolution Applicant'. 173. In the present case, we have se....
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....r of the aforesaid class of 'Operational Creditors'. 178. For the said reasons, we hold that 100% payment as suggested in the 'Resolution Plan' in favour of the workmen and employees, 'Unsecured Financial Creditor' whose claim is less than Rs. 1 Crore and the 'Operational Creditors' whose admitted claim is less than Rs. 1 Crore are not discriminatory and the other 'Operational Creditors' or 'Financial Creditors' cannot ask for 100% of their claim on the ground that they should also be provided with same treatment. 179. On our request, the 'Committee of Creditors' prepared a fresh distribution chart, which is as follows: "REVISED DISTRIBUTION AS PER THE SUCCESSFUL RESOLUTION PLAN OF ACRELORMITTAL INDIA PRIVATE LIMITED AS APPROVED BY THE COMMITTEE OF CREDITORS ("COC") OF ESSAR STEEL INDIA LIMITED ('CORPORTE DEBTOR') ON 25th OCTOBER, 2018 AND AS FURTHER AMENDED BY THE COC POST ORDER DATED 20TH MARCH 2019 OF THIS HON'BLE TRIBUNAL IN ITS 22ND MEETING HELD ON 27THMARCH 2019 S.No Category of Stakeholder Name of the stakeholder Amount admitted by Resolution Professional (In Rs. Crores) Proposed payment under the Successful Resolution Plan as approved by the COC on 25 October....
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.... B2. Secured Financial Creditors (having no charge on project assets of the Corporate Debtor) Standard Chartered Bank 3,487.10 59.26 1.70% Total (B2) 3,487.10 59.56 1.70% Total (B1+B2) *49,046.34 **40,970.00 As set out above at B1 and B2 C. Unsecured Financial Creditors C1 Unsecured Financial Creditors (With admitted claims less than Rs. 10,00,000) Melwani Gopal Tharumal and/or Melwani Vinod 0.08 0.08 100% Arvind Parakh HUF 0.08 0.08 100% Mr. Arvinlal N Shah & Mrs. Indumati A. Shah 0.08 0.08 100% Mr. Jiwat K. Dansanghani and Mrs. Neetu J Dansanghani 0.03 0.03 100% Nathu Ram Verma 0.02 0.02 100% Total (C1) - ~0.30 ~0.30 100% C2 Unsecured Financial Creditors (with admitted claims equal to or above Rs. 10,00,000) State Bank of India 5.57 0.23 4.08% Bank of Baroda 7.70 0.31 4.08% Standard Chartered Bank 70.34 2.87 4.08%....
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....Plan was approved by the COC, the operational debt as admitted by the Resolution Professional was Rs. 5,058.66 Crores. The amount reflected here represents the operational claims as admitted by the Resolution Professional and as reflected in the list of creditors updated as of 5 March, 2019. As per the observations issued by the Resolution Professional pursuant to the NCLT Order dated 8 March, 2019, the Resolution Professional has 'registered' further operational claims of approximately Rs. 13,767.76 crores and has further admitted notional amount of Re. 1 for certain operational claims aggregating the approximately Rs. 2,722.50 crores subject to final outcome of the disputes pending with respect to such operational claims." 180. The aforesaid revised chart placed by the 'Committee of Creditors' is also discriminatory, as we find that majority of the 'Financial Creditors' have been provided with 89.80% of their claim amount whereas 'Secured Financial Creditor' (Standard Chartered Bank) has been provided 1.07% of its claim. With regard to majority of the 'Operational Creditors', their claims have been increased at 20.50% of their claim amount and thereby, they have not been provid....
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....assumed to be "Y". 7. The amount payable to each OC is ascertained by first arriving at the Quotient, and that is applied as a percentage to each claim. The Quotient is arrived at by dividing the total amount available for distribution "X" by the total amount payable to the OCs "Y". 8. If for example the amount available for distribution is 500, and the total claims are 2000, the quotient would be ¼ - which in percentage terms would be 25%. 9. The element "X" would be known only after this Hon'ble Tribunal decides, how much of the total amount offered for resolution is to be kept aside for the OCs. 10. The figure of" Y' would vary and continue for some time to vary, with the amount finally adjudicated. In the first instance, "Y" will be taken at the full figure i.e. INR 27,101 Cr. And the first tranche of distribution would be made as a ratio arrived at by dividing of all admitted claims. However, the percentage of the distribution being arrived at is the figure "Z", which is equal to the value of "X" being divided by "Y". 11. It needs to be clearly stated that the distribution of the amount can only be made as a percentage of admitted claims. The balance ....
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....icating Authority in "evaluating" the claims of the related parties so as to limit them to the fair value of the goods and/or services provided." 184. For deciding the distribution of the assets in a manner as suggested by Mr. Harish Salve, learned Senior Counsel, first it is to be noticed as to what is the amount due to the stakeholders; i.e. 'Financial Creditors', 'Operational Creditors' and others. 185. The 'Resolution Professional' on collating the claim initially calculated the admitted claim payable to the 'Financial Creditors' and the 'Operational Creditors' which were reflected in the 'Information Memorandum' and was brought to the notice of the 'Resolution Applicant'. 186. The 'Financial Creditors' and the 'Operational Creditors' made the following claims: (i) Financial Creditors ─ Rs. 55,440 Crores (ii) Operational Creditors ─ Rs. 27,101 Crores. Total : Rs. 82,541 Crores 187. The 'Resolution Professional' admitted the claim amount as follows: (i) Financial Creditors ─ Rs. 49,473 Crores (ii) Operational Creditors ─ Rs. 5,074 Crores. Total : Rs. 54,547 Crores 188. A number of '....
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..../s. Essar Power Limited' or 'M/s. Bhander Power Limited' by filing any appeal against the impugned judgment dated 8th March, 2019. 192. The 'Resolution Professional' in its chart stated that the claim of 'M/s. Essar Power Limited' is Rs. 912,69,90,753/- and the claim of 'M/s. Bhander Power Limited' is Rs. 1809,79,89,500/- as disputed and subject to final outcome of the dispute pending. 193. The 'Committee of Creditors' in their chart has informed that the 'Resolution Professional' has registered further operational claims of approx. Rs. 13,767.76 Crores and has further admitted notional amount of Re. 1/- for certain operational claims aggregating the approx. Rs. 2,722.50 Crores subject to final outcome of the disputes pending with respect to such operational claims. 194. In the aforesaid circumstance, we are not deliberating on the disputed claim of 'M/s. Essar Power Limited' and 'M/s. Bhander Power Limited'. 195. In the 'Information Memorandum', the 'Resolution Professional' has shown the admitted claims, as follows: S. No. Category of Stakeholder Amount claim (In Rs. Crores) Amount admitted by the 'Resolution Professional' (In Rs. Crores) 1 Corporate Debtor R....
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....een Thousand Seven Hundred Nineteen Crore Twenty Lakh Ninety Thousand Nine Hundred and Eighty Only) 'Total debt payable to 'Financial Creditors' & 'Operational Creditors' Therefore, the total debt amount payable to stakeholders: - 1. Financial Creditors ------- Rs. 4,94,73,00,00,000/- 2. Operational Creditors ------- Rs. 1,97,19,20,90,980/- Total ------- Rs. 6,91,92,20,90,980/- (Rupees Sixty-Nine Thousand One Hundred Ninety-Two Crore Twenty Lakh Ninety Thousand Nine Hundred and Eighty Only) Against Rs. 6,91,92,20,90,980/-, Arcelor Mittal Ltd. offered Rs. 4,20,00,00,000/-. Therefore %age wise, the amount will be - 4,20,00,00,00,000 * 100 = 60.7% (approx.) 6,91,92,20,90,980 Therefore - Financial Creditors will get 60.7% of their claim of Rs. 4,94,73,00,00,000/- (i.e) =Rs. 3,00,30,44,50,000/- & Operational Creditors will get 60.7% of their claim of Rs. 1,97,19,20,90,980/- (i.e) = Rs. 1,19,69,55,49,224/- Grand Total = Rs. 4,19,99,99,99,224/- *(Rs. 4,20,00,00,00,000 approx.) 'Distribution amongst Financial Creditors & Operational Creditors' S. No. Category of Stakeholders %age Amount (in Rs.) A. Ope....
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....950.9384 950.944 60.7% Syndicate Bank 967.91 587.5214 587.524 60.7% SC Lowy 900.12 546.3728 546.374 60.7% UCO Bank 582.26 353.4318 353.434 60.7% EXIM Bank 556.26 337.6498 337.654 60.7% Central Bank of India 510.04 309.5943 309.594 60.7% Allahabad Bank 320.49 194.5374 194.544 60.7% SREI Infrastructure Finance 175.28 106.3950 106.394 60.7% Standard Chartered Bank 3,487.10 2,116.6697 2,116.674 60.7% State Bank of India 5.57 3.3810 3.384 60.7% Bank of Baroda 7.70 4.6739 4.674 60.7% Standard Chartered Bank 70.34 42.6964 42.704 60.7% The Bank of New York Mellon, London Branch 202.50 122.9175 122.924 60.7% Inox Air Products Private Limited 78.48 47.6374 47.644 60.7% Axis Bank 61.91 37.5794 37.584 60.7% B. Financial Creditors B1. Financial Creditors (with admitted claims less than ....
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....r dated 8th March, 2019 stands modified to the extent above. However, the other conditions laid down by the Adjudicating Authority and as mentioned in the 'Resolution Plan' is not interfered with. Profit generated during the 'Corporate Insolvency Resolution Process' 201. During the course of hearing, Mr. Gopal Subramanium, learned Senior Counsel appearing on behalf of the 'Committee of Creditors' casually argued that the 'Operational Creditors' have earned a huge amount during the 'Corporate Insolvency Resolution Process'. It was informed that during the 'Corporate Insolvency Resolution Process', the 'Corporate Debtor' did business of about Rs. 55,000/- Crores (data not available and, therefore, not verified). Therefore, according to him, the 'Operational Creditors' have not been allowed any amount. 202. In view of such submissions, we directed the 'Resolution Professional' to file affidavit giving details of profit if generated during the 'Corporate Insolvency Resolution Process' for determination as to who is entitled to such profit. 203. The 'Resolution Professional' in his affidavit has stated as follows: "(3) As directed, the earnings before interest, tax, depreciat....
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....ocated for them for distribution amongst them. 206. Learned counsel appearing on behalf of the 'Operational Creditors' submitted that the 'Financial Creditors' have not disbursed any amount during the 'Corporate Insolvency Resolution Process'. On the other hand, the 'Operational Creditors' i.e. those who supplied goods and rendered services included employees they have performed the job and kept the 'Corporate Debtor' as a going concern for maximisation of assets of the 'Corporate Debtor' and, therefore, the total profit should be distributed amongst the 'Operational Creditors' who are generally provided lesser amount than the 'Financial Creditors'. 207. Mr. Harish Salve, learned Senior Counsel appearing on behalf of the 'ArcelorMittal India Pvt. Ltd.' submitted that the 'ArcelorMittal India Pvt. Ltd.' having provided Rs. 2,500 Crores towards the working capital, the said amount of Rs. 2,500 Crores should be adjusted out of the profit generated and the rest amount after the audit may be distributed amongst the Creditors (both the 'Financial Creditors' and the 'Operational Creditors'). 208. It was further submitted that the balance amount be kept in a designated Escrow Account....
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....l period by way of limitation under sub-section (6) of Section 60 does not expand the exposure of the 'Resolution Applicant' to 'Operational Creditors', whose claims are in dispute. The extended period of limitation becomes necessary by virtue of the width of the 'Moratorium' under Section 14, whereby all actions in all pending suits, including non-monetary suits and in relation to contracts and properties, are put in freeze. 214. It was further submitted that once the 'Resolution Process' is complete, all non-financial claims and disputes would be resolved in pending proceedings or fresh proceedings. It is for the latter that the legislature has accommodated the period of the 'Moratorium'. Therefore, according to him, after approval of the plan under Section 31, the claim of all the Creditors is extinguishing against the 'Corporate Debtor'. 215. In the preceeding paragrapgh, we have noticed the suggestion made by Mr. Harish Salve, learned Senior Counsel that the 'Operational Creditors' having disputed claims can avail remedy under Section 60(6) of the 'I&B Code'. Thereby, over a period of time as the figure of aggregate amount of debt payable to the 'Operational Creditors' (as....
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....solvency) No. 229 of 2018 etc.' This 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'. 218. In "M/s. Prasad Gempex v. Staer Agro Marine Exports Pvt. Ltd. & Ors.− Company Appeal (AT) (Ins.) No. 291 of 2018 etc.", this Appellate Tribunal by its order dated 1st February, 2019 held that notwithstanding the order passed under Section 31 of the 'I&B Code' (which comes within the purview of any existing law), it is open to a person to file a suit or an application against the 'Corporate Debtor' after completion of the period of 'Moratorium' in accordance with Section 60(6) of the 'I&B Code'. 219. In "M/s. Roma Enterprises v. Mr. Martin S.K. Golla, Resolution Professional− Company Appeal (AT) (Ins.) No. 232 of 2018", this Appellate Tribunal by its or....