TaxTMI 
TaxTMI 
2020 (8) TMI 452
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....ional Creditor' for an amount of Rs. 3.20 crores is aggrieved of dismissal of its application challenging the actions of liquidator - 'Mr. Vinod Kumar Kothari' (Respondent) appointed in C.P. (IB) No. 3/KB/ 2017 of 'Nicco Corporation Limited' whereby and whereunder the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata ('Tribunal', for short) passed impugned order dated 16th October, 2019 while holding that all the actions of the 'Liquidator' strictly confirmed to Regulations under the 'Insolvency and Bankruptcy Code' and the Appellant had no locus standi under Section 47(1) of the 'Insolvency and Bankruptcy Code, 2016' ('I&B Code', for short) to seek any direction against the 'Liquidator' further holding that the....
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....plan as regards 4th, 5th, 6th and top floor. As the Appellant's objections did not find favour with the 'Liquidator', he appears to have approached the Hon'ble High Court of Calcutta with the Writ Petition. The Appellant alleged that the 'Liquidator' had made an unholy nexus with the third party for disposing of the said building as the intending purchasers would not participate in the bidding process on account of building being partially constructed without any approved building plan. It further emerges from the record that 'M/s. Narnolia Financial Advisors Pvt. Ltd.' emerged as the 'successful bidder'. However, it was appointed as the sole selling agent which participated in the next e-action becoming the successful bidder for an amount ....
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....ted portion, had been addressed while passing order dated 25th June, 2019. It declined to address the issue raised which had already been adjudicated upon further observing that the Appellant had no locus standi, to seek any direction against the 'Liquidator' who had been performing his duties strictly as per Regulations under the 'I&B Code'. Being convinced that the allegations were baseless, it slapped costs upon the Appellant as noticed hereinabove. 4. Heard the learned counsel for the parties. 5. Learned counsel for the Appellant submitted that the Appellant suffered massive loss when his office situated in 2nd Floor of Nicco House was engulfed in flames as fire broke out in the building. It is contended that initially the Appella....
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....ave been filed out of ill will and the appeal carried from such order to this Appellate Tribunal was also dismissed. It is thereafter that the instant application was filed resulting in passage of impugned order. It is further submitted that the Appellant has agitated the same matter again and again indulging in Forum shopping. That apart, it is submitted that the Appellant being a mere occupier of a portion of the property comprising the liquidation estate has no locus standi in the matter. It is pointed out that the Appellant has claimed compensation in the criminal proceedings and in that way of the matter, it cannot claim to be an 'Operational Creditor'. 7. We have given our anxious consideration to the issue raised in this appeal. A....
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....thin 30 days of commencement of the liquidation process, verify such claims and finally either admit or reject the claim either in whole or in part. The determination of valuation of claims, as mandated by Section 41 of the 'I&B Code', falls within the domain of the 'Liquidator' who is supposed to follow the Regulations framed by 'the Insolvency and Bankruptcy Board of India' in this regard. A plain reading of Section 38 of the 'I&B Code' lays it bare that such claims may be submitted to 'Liquidator' by a 'creditor' who may be a 'financial creditor' or an 'operational creditor' or partly a financial creditor or partly an operational creditor. Thus, for being entitled as beneficiary to the proceeds from sale of liquidation assets, it is esse....