2021 (7) TMI 435

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....dent No. 2' resolution plan including any modification (i) Order and declare that any term in Respondent No. 2's resolution plan including any modification thereto either expressly or impliedly providing that the benefit of any orders passed in the avoidance application filed or to be filed by Respondent No. 1 under sections 43 to 51 or under section 66 of the Code or any one or more of these provisions, including appeal proceedings arising therefrom, and the recoveries/contributions made consequent thereto shall in any manner whatsoever be for the benefit of Respondent No. 2 including its nominee/assignee/any person claiming through or under it, and not for the benefit of the creditors of DHFL, is contrary to law, void ab ....

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....Authority (AA) are as under:- FINDINGS. 2. As far as the claims of avoidance transactions, CoC has consciously decided that the money realised through these avoidance transactions would accrue to the members of the CoC and at the same time they have also consciously decided after lot of deliberations, negotiations that the monies realised if any under Section 66 of IBC i.e Fraudulent Transactions, CoC has ascribed the value of Rs. 1 and if any positive money recovery the same would go to the Resolution Applicant/future Corporate Debtor. 3. CoC is comprised of 77 Financial Creditors and deliberations they have protected their interest and ascribed the value based on their Commercial Wisdom and Adjudicating Authority has limited juri....

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....ysing various facts and considerations including Net Present Value (NPV) concept, as per general saying that a bird in hand is better than few in bush, risk of recovery is transferred to the Successful Resolution Applicant etc and ascribed an amount of Rs. 1 for this Section 66 Fraudulent Transactions. 5. Ld. Sr. Counsel for the Applicant relied upon the Judgment of Hon'ble Delhi High Court dated 26.11.2020 in the matter of Venus Recruiters Private Limited Vs. Union of India & Ors (W.P.. No. 8705 of 2019). 6. Whereas Ld. Sr. Counsels for the Respondents relied upon the judgment of the Hon'ble NCLAT in the matter of Company Appeal (AT)(Insolvency) No. 1079 of 2020 in Interups Inc. Vs. Kuldeep Kumar Bassi and others. Wherein it ....