TaxTMI 
TaxTMI 
2021 (9) TMI 795
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....ead with section 25(2)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) seeking reliefs as follows : "(a) Direct the first, second and third respondents to remit their share of the CIRP costs and expenditure in proportion to their voting rights, i. e., Rs. 3,04,504.65 by the first respondent (7.39 per cent.), Rs. 2,97,891.71 by the second respondent (11.83 per cent.) and Rs. 1,93,251.26 by the third respondent (4.69 per cent.) to Current Account No. 39508541515 of the corporate debtor. (b) Pass such further or other orders which this hon'ble Tribunal may deem fit and proper in the circumstances of this case and thus render justice." 2. It is seen from the records that after filing of the present applicatio....
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....er, electricity, housekeeping, sanitization, etc., are also approved. (ii) Further resolved that the member banks may make the payment of their share directly to the CIRP account maintained at SBI Mookandapalli (IFSC : SBIN0006242) branch immediately in any case not later than three days. (iii) Further resolved that the resolution professional Mr. Benegal Parameshwara Udpa is authorized to make payment of CIRP costs to the concerned persons by issuing cheques/NEFT/RTGS." 5. Pursuant to above, it was submitted that the applicant in his capacity as the resolution professional in relation to the corporate debtor vide his e- mail dated July 21, 2020 requested all the member banks of the CoC to remit their respective share o....
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....proved by the CoC, to be deposited in the current account of the corporate debtor. 8. The first respondent has filed a counter. Learned counsel for the first respondent submitted that the present application is liable to be dismissed for non-impleadment of necessary party, since the first respondent has not sanctioned any facilities in relation to the corporate debtor, but is only acting as the power of attorney holder for DBS Bank Ltd., Singapore as its security trustee/arranger. It was submitted by learned counsel for the first respondent that they had given external commercial borrowing (ECB) facility to the corporate debtor and that the said facility would require approval from the Reserve Bank of India (RBI) in view of the fact that....
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.... approval of the RBI in order to make the CIRP payment is false, since that circular referred to by learned counsel for the applicant refers to raising of funds through ECB only if resolution plan provides and does not pertain to contribution to CIRP. Further, it was submitted that one of the CoC members though situated in London, United Kingdom is making contribution for the smooth functioning of the CIRP. Also, it was submitted that the first respondent is required to remit the CIRP cost and expenses in terms of the IBC, 2016 and the first respondent is bound by the majority decision of the committee of creditors members who have agreed to ratify the CIRP costs and expenses and share the same in the ratio of their voting rights. Learned c....
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....d hereunder : 9. Details of the bank account to which the amount of the claim or any part thereof can be transferred pursuant to a resolution plan Bank DBS Bank India Ltd. A/c. No. 820LIABITSCLGINR IFSC Code DBSS0IN0811 13. A perusal of the aforesaid table shows that in the claim form filed by the first respondent along with DBS Bank Ltd., Singapore, the proceeds of the amount pursuant to the resolution plan, if any, approved by this Tribunal would go into the account of the DBS Bank India Ltd. However, we find it strange on the part of learned counsel for the applicant who states that they cannot contribute the same unless due approval is sought from the RBI. 14. A....
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....it would be a futile exercise, if we direct a member of the CoC who has already expressed its inability to make the payment towards the CIRP costs. 16. All the financial creditors, other than related part, be it secured or unsecured, by the provisions of the IBC, 2016 becomes the member of the CoC. Further, the regulation mandates that the financial creditors are required to contribute towards the CIRP costs in proportion to their voting share. Thus, it becomes clear that a financial creditor so as to continue as the member of the CoC, it is mandatory for them to contribute towards the CIRP costs. Further, it is significant to note here that the financial creditor is exercising its voting right in respect of the corporate debtor has also....