2019 (5) TMI 1715

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d Bankruptcy Code, 2016 (in short, "IBC") is filed by one of the creditors of the Corporate Debtor, M/S. Bharat Heavy Electricals Limited against the order of the Liquidator dated 21.12.2018. 2. The appellant states that in pursuant to public notice dated 10.11.2018 from the Liquidator, it has submitted its claim in Form -C on 09.1 1 .2018 as per regulation 17 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The claim includes original debt of Rs. 290,01,85,395/- plus interest of sum of Rs. 734,96,51,825/- and also various amounts payable towards taxes and duties, site maintenance charges, engineering charges, etc. etc. 3. The appellant further states that the Liquidator without assigning any reason rej....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ot determine the claim over and above the award that would be passed in arbitral proceeding. Accordingly, he passed correct order. The appeal may be rejected. 7. The point for determination before this Tribunal is whether the order passed by the Liquidator admitting the appellant's claim provisionally needs any interference. My answer to this point is affirmative for following reasons: 7.1. Very recently, the Hon'ble Supreme Court in the ruling of Swiss Ribbons Private Limited-vs- Union of India observed that, "It is clear from these sections that when the liquidator "determines" the value of claims admitted under section 40, such determination is a "decision", which is quasi- judicial in nature, and which can be appeale....