TaxTMI 
TaxTMI 
2019 (11) TMI 1475
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.... the action of the Resolution Professional in not admitting the claim of the Applicant vide the updated List of the Petitioner's Creditors dated December 10, 2018; (c) Declare that the Applicant is an Operational Creditor of the Petitioner to the extent of Rs. 25, 52,08,897/- as set out in Form B dated June 11, 2018 filed by the Applicant before the Resolution Professional." 2. CLAIM OF APPLICANT:- Briefly stated facts are that a 'Master Rental Agreement' dated 06.12.2013 was executed between the parties i.e. CRPL on one hand and the Corporate Debtor (RICOH) on the other hand. Few more Rental Schedules were executed for the purpose of renting UID Kit and NPR Kits. Rental Schedules as executed between the said Two Parties was in respect of furniture and other fit - outs. The allegation is that the Corporate Debtor had committed default in making the payment of rent as agreed upon for the period of 15.12.2017 to 16.02.2018. This Applicant has annexed few letters addressed to RICOH for payment of outstanding rent. 3. Consequent upon the declaration of the Moratorium and on Admission of Petition of RICOH filed under section 10 of the I&B Code Order dated 14.0....
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....ution Professional has started examination of records, however, impugned MRA was untraceable. The claim was that the Corporate Debtor/RICOH had purchased 2700 and 1150 UID kits from Fourth Dimension Solution Limited (FDSL) for the purpose of providing AADHAR CARD facility under the instructions of the Government. Those UID kits were purchased for a sum of Rs. 36.37 Crores. The allegation of the Resolution Professional is that there was no document for record available to establish that the kits were delivered or installed for use of the Corporate Debtor. 5.3 To verify the correctness of the claim, the Resolution Professional had appointed on 13.07.2018 Alvarez & Marsal India Private Limited (A&M) as prescribed under section 25(2)(d) read with section 43, 45, 49, 50 and section 66 of the I&B Code. An adverse report was submitted by pointing out several irregularities. No cogent documentation or records were available to establish the delivery of these kits/equipment to the Corporate Debtor or installation or use of these assets at the customer site. The management of the Corporate Debtor informed that the entire transaction relating to the UID Kits was managed by Mr. Arvind Singh....
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....l those legal points at length. In the opinion of this Bench the Resolution Professional was duty bound to ascertain the correct facts, that too, after due diligence and investigation, hence in his wisdom rightly appointed A&M. As per Section 25 of Insolvency Code duties of Resolution Professional has been assigned, hence in compliance an investigation was carried out by appointing an Agency so as to ascertain whether the transaction as claimed by the Applicant CRPL was genuine and correct. On investigation it was reported that the transaction was extortionate, preferential in nature, incorrect and fraudulent, hence, the claim allegedly made as Operational debt was rejected. 7. After careful examination of the evidences and the reasoning given by the Resolution Professional based upon the report of A&M this Bench is of the view that there was no fallacy in rejection of the claim. I find no force in this Miscellaneous Application, hence rejected. (B) MA-1535 OF 2018 8. This Miscellaneous Application is moved by Learned Resolution Professional on 13.12.2018 seeking direction for refund of Rs. 43,37,643/- and Rs. 16,00,000/- stated to be attached/recovered from the State Bank....
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.... recovery or alienation or disposing of any of the property of the Corporate debtor. Due to the declaration of "Moratorium" the action of recovery from the State Bank account of the Corporate Debtor is barred by Law. As a consequence, the concerned authorities are hereby directed to reverse the recovery entries by refunding back the amount recovered. The amount so refunded shall be kept in a "No Lien Account" or an "Escrow Account" of the Corporate Debtor to be controlled and operated by Resolution Professional under the instructions of NCLT Bench. 12. This Application (MA-1535/2018) is allowed on the terms hereinabove. (C) M.A. No. 1040/2019. 13. This Application is submitted by Commercial Tax Department, Government of Rajasthan filed on 14.03.2019 and the prayer is for directions to the Resolution Professional to accept the claim of the Applicant, which was denied because of belated submission. 14. In this Application it is stated that GST had been implemented in the State from 01.07.2017 having dual Tax System in which CGST and RGST is to be charged on every transaction. The Parliament had passed 101st Constitution Act, 2017 through which certain existing acts were s....
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.... the provisions of the Act, at the outset it is necessary to place on record that on promulgation of Insolvency and Bankruptcy Code a provision vide Section 238 is incorporated which has overriding effect on other laws, (reproduced supra). 19.1 However, this Bench is of the view that considering few judgments of NCLAT a lodgment of claim can be entertained by the Resolution Professional if it is within a reasonable time and going to effect substantially a Resolution Plan already under consideration before Committee of Creditors. The Hon'ble Court has therefore pronounced for condonation of delay if it is reasonable, for reference :-Andhra Bank V/s M/s. F.M. Hammerle Textile Ltd. in Company Appeal (AT) (Insolvency) No. 61 of 2018 Order dated 13.07.2018. 20. Resultantly this Bench is of the view that under the circumstances when a Resolution Plan is already under consideration which ought to have been based upon the information memorandum prepared and published by Resolution Professional having details of Tax liability, therefore, the right of claim of the Tax Department would have already been taken into account under the provisions of Insolvency Code. However, in a situat....
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....Stressed Assets Companies. The Applicant was declared as one of the participants in Resolution Process by submitting a Resolution Plan. The Applicant has alleged that certain irregularities have happened in Insolvency Process. 23.1 An Advertisement was made on 09.07.2018 under Regulation 36A(5) calling Expression of Interest. Pursuant thereto, Phoenix Asset Reconstruction Company, an affiliate of the Applicant, submitted EOI on 07.08.2018. On receiving EOI the Resolution Professional had issued "Process Memorandum" on 17th and 27th August 2018 calling for submission of Resolution Plan. In the Invitation for Resolution Plan dated 11.12.2018, the last date for submission of Resolution Plan was fixed for 08.01.2019. Accordingly, Phoenix Asset Reconstruction Company submitted a Resolution Plan on 08.01.2019. 23.2 On 08.01.2019 Two Resolution Applicants have submitted their respective Resolution Plans, viz. the Applicant and the other one was "Karvy Group". According to the information available to this Applicant, the Karvy Group had submitted the Plan without tendering of Bid Bond Guarantee of Rs. 10 Crores. On 10.01.2019 the Committee of Creditors had opened both the Resolution ....
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....ds of negotiations and discussions the Committee of Creditors decided to disregard rest of the plans and confined to the plan submitted by the said consortium for discussion on 15th Committee of Creditors Meeting held on 13.02.2019. The Plan submitted by the Successful Resolution Applicant was approved by 84.36%. The Learned Resolution Professional in this Application has made a reference MA-691/2019 submitted for approval of the Successful Resolution Applicant as prescribed under Section 30(6), Section 31(1) of the Code alongwith Regulation 39(4). It is clarified in this Application that on 08.01.2019 two Resolution Plans were received from following Two Resolution Applicants:- (i) The Applicant herein i.e. Kotak Investment Advisors Ltd. ("KIAL", an afiliate of Phoenix ARC and part of Kotak Bank group); and (ii) Karvy Data Management Systems Ltd. ("KDMSL", affiliate of Karvy Innovtech and part of the Karvy Group). 24.1 It is further informed in this Application that on 11.01.2019 Resolution Professional had received an email from WeP Solutions Private Limited seeking time to file a Resolution Plan till 14.01.2019. A Meeting (10th Meeting) was held of Committee....