TaxTMI 
TaxTMI 
2020 (3) TMI 854
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....and Bankruptcy Code, 2016. An application of the petitioner primarily is to IRP to recognize the petitioner as financial creditor. It is submitted that an application was filed. However, no decision was taken by the IRP and therefore, under Section-60(5) of the Insolvency and Bankruptcy Code, 2016, the application was preferred before the NCLT, Ahmedabad. In the said application, the order was passed on 22-10-2019 for Resolution Professional to see the claim of the applicant and after collating the information submitted the same before the COC. It is therefore, NCLT had recognized the right of the petitioner and therefore, the Tribunal ought to have heard the petitioner on merits. Thereafter, reserving the proceedings for order. It is submitted that on 05-02-2020, IRP had furnished the list consisting of name of the financial creditors / Operational creditors / Employee (Form-F), as on 01-02-2020, where the name of the petitioner was at Sr. No.5. Against his name, claim amount was reflected at Annexure-S. It is the case of the petitioner that the petitioner immediately passed the pursis on the same day, arguing the Tribunal to disregard such document (Annexure-S) and filed the same....
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....ng on record to suggest that the petitioner is also challenging the impugned order of the Tribunal dated 07-02-2020. Perusal of the order indicate that application of the petitioner claiming to be financial creditor has been dealt with and finding is given, which is in Para-13. 6. From the pleadings, it appears that the petitioner had filed an application under Section-60(5) of the Insolvency and Bankruptcy Code, 2016 on 16-10-2019. On 20-10-2019, it was listed for first time and the reliefs sought, which reads as under: "A. To admit the present application under section 60(5) of the Insolvency and Bankruptcy Code 2016; B. To direct the Respondent herein to adjudicate the claim of the applicant as per the provisions of sub-section 8(f) of the section 5 of the Insolvency and Bankruptcy Code, 2016. C. To direct the Respondent to ratify the list of creditors of the company and also to declare the applicant to be a member of the Committee of Creditors constituted for the purpose of initiation of CIRP proceedings against the Corporate Debtor." 7. Statutory period under the Code was to end in February, 2020. On 20-10-2019, the order is recorded by the NCLT about the RP reque....
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....itor and the present application moved by the Applicant is not tenable and the reliefs sought therein can not be granted and therefore it deserves to be. dismissed with cost. It is further submitted that the relief sought by the applicant to adjudicate the claim of the applicant and ratify the list of creditors of the corporate debtor and declare the applicant to be member of the Committee at Creditors constituted for the purpose of Corporate Insolvency Resolution Process of the Corporate Debtor company can not be granted. That the Respondent has rejected the claim of the Applicant in Form C to consider as Financial Creditor and this tribunal may pass appropriate order in this regard and the Respondent declares that he would obey the order passed by the Hon'ble Tribunal to consider the claim of the Applicant in the appropriate category as may be directed." 10. Pursuant to the Affidavit being filed, NCLT vacated the interim order and permitted the meeting of COC. In the proceedings, orders were recorded on 01-01-2020, wherein some reasons were recorded and the matter was thereafter placed on 28-01-2020. Thereafter on 03-02-2020. Lastly, on 05-02-2020, when list of creditors al....
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.... is, more or less, a pledge for due performance of contract by the buyer. It indicates a solemn promise that the buyer will not back out from the contract. Rather, it is a guarantee on the part of the offeror/ buyer for the fulfillment of the contract. Normally, seller retains some amount, so as to meet the monetary damages he may suffer under the contract but the Applicant has totally failed to produce and / or substantiate by way of any document(s) that these are the earnest money and / or advance amount paid against the land of the Corporate Debtor and/ or on which account the said amount is remitted, in absence of any evidence corroborating that the alleged letter dated 14.09.2018 is genuinely issued and being received by the Corporate Debtor. The action of the applicant is unilateral in absence of any cogent evidence." 12. Apparently, this order is yet to be challenged. This order is after the impugned order and not the subject matter of challenge before this Court. The Court is of the view that the order of 05-02-2020 was only for reserving the proceedings for orders. The petition was filed by the petitioner against the procedural error on the part of the Tribunal in not gr....