2021 (9) TMI 997

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....TRIBUNAL, PRINCIPAL BENCH , NEW DELHI - AT (Judgement / Order / Decisions)<br>Dated:- 22-9-2021<br>COMPANY APPEAL (AT) (INSOLVENCY) NO. 1033 OF 2020 - -<br>Insolvency & Bankruptcy<br>[Justice Anant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellants : Mr. Piyush Singh, Mr. Aditya Parolia, Ms. Aditi Sinha, Mr. Akshay Srivastava, Advocates. For the Respondent : Mr. Viren Sharma, for IRP. JUDGEMENT [ Anant Bijay Singh (J) ] 1. Heard Learned Counsel for the Appellants and Respondent. The Appellants are altogether 33 in Nos. (Homebuyers) are aggrieved by the Impugned Order dated 13.10.2020 passed by Hon'ble National Company Law Tribunal, Allahabad Bench in Company Petition (IB) No. 41/ALD....

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....). The Appellants herein are homebuyers and Financial Unsecured Creditors. 5. During the course of the arguments attention of this Tribunal was drawn to Section 21 of the Insolvency and Bankruptcy Code, 2016 (IBC in short) which deals with the 'Committee of Creditors' Section 21(2) "21. Committee of creditors. -.................... (2) The committee of creditors shall comprise all financial creditors of the corporate debtor: Provided that a [financial creditor or the authorised representative of the financial creditor referred to in sub-section (6) or sub-section (6A) or sub-section (5) of section 24, if it is a related party of the corporate debtor,] shall not have any right of representation, participation or voting i....

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....ll cast his vote in respect of each financial creditor in accordance with instructions received from each financial creditor, to the extent of his voting share: Provided further that if any financial creditor does not give prior instructions through physical or electronic means, the authorised representative shall abstain from voting on behalf of such creditor. [(3A) Notwithstanding anything to the contrary contained in sub-section (3), the authorised representative under sub-section (6A) of section 21 shall cast his vote on behalf of all the financial creditors he represents in accordance with the decision taken by a vote of more than fifty per cent. of the voting share of the financial creditors he represents, who have cast their....

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....(2) The interim resolution professional shall apply to the Adjudicating Authority for appointment of the authorised representatives selected under sub-regulation (1) within two days of the verification of claims received under sub-regulation (1) of regulation 12. (3) Any delay in appointment of the authorised representative for any class of creditors shall not affect the validity of any decision taken by the committee. (4) The interim resolution professional shall provide the list of creditors in each class to the respective authorised representative appointed by the Adjudicating Authority. (5) The interim resolution professional or the resolution professional, as the case may be, shall provide an updated list of ....