TaxTMI 
TaxTMI 
TaxTMI 
2022 (3) TMI 115
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....uted under the provisions of the U.P Industrial Area Development Act, 1976, for performing the function as set out in the said enactment. The prayers made are as under: a) Call for the record of the case b) Pass appropriate Orders against the impugned Order/decision/action of the Resolution Professional for converting and considering the applicant/GNIDA as Operational Creditor and not informing for participating in a meeting of committee of Creditors and necessary orders/directions be issued for upholding and continuing the applicant/GNIDA as 'Financial Creditor' and for participation in a meeting of Committee of Creditors. c) Quash and set aside all the actions/decisions/plan taken by the Resolution Professional and Committee....
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..... The Corporate Debtor defaulted the terms of the settlement and therefore, an application for revival of the Company Petition (IB) 1567 (PB)/2018 was filed by the Operational Creditor. This Authority, vide Order dated 05.07.2019, allowed the revival of CIRP, and redirected Interim Resolution Professional (IRP) viz., Ashok Kumar (Respondent) to commence CIRP from where it was left. The IRP issued another public announcement for inviting claim on 10.07.2019. The Applicant filed its proof of claim in Form-C on 03.07.2020. 4. The Applicant is the owner of the land in respect of the land Plot No. 45, Mahila Udyami Park-I Ecotech-III, Greater Noida Sector, District Gautam Budh Nagar, U.P. (Plot). The Applicant acquired the land under the Land A....
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.... constitution or reconstitution of the Committee of Creditors (CoC), list of creditors, and participation of Applicant in the CoC Meetings. The Respondent made false submissions/observations that the claim of the Applicant, in respect of premium payment dues, are not the Financial Debt as per the provisions of IBC, 2016 and are purely operational expenditures. The Respondent has neither properly adjudicated the claim of the Applicant, nor communicated to participate in the CoC. The legal title and rights over the plot till date subsists and is registered in the name of the Applicant, therefore, the Applicant has first charge, lien, absolute title and right over the plot and the same was allotted to the Corporate Debtor only on lease basis. ....
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.... Deed executed in favor of the Corporate Debtor is a signed and registered document. Payment of all installments, as part of the consideration towards allotment of the Plot, is a condition precedent to enjoyment of the rights as Lessee on lease basis and non-payment of any of the dues to the Applicant constitutes breach of the condition entitling the Applicant to cancel the Lease Deed and to re-enter the possession. It is on the basis of this allotment that the Corporate Debtor would deal with the Real Estate in the matter of construction of flats and allotment thereof on sub-lease basis. The Applicant is a secured Financial Creditor in respect of the premium i.e., cost of the land allotted on lease basis and all other dues. The clauses in ....
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.... on or before last date mentioned in the public announcement and a creditor, who fails to submit claim, with proof, within the time stipulated in the public announcement, can submit the claim with proof to the IRP or the RP, on or before the ninetieth day of the insolvency commencement date and in case is a financial creditor, it shall be included in the CoC from the date of admission of such claim. 10. The Applicant has filed its claim under Form-C which is prescribed under Voluntary Liquidation; however, the Applicant had to file its claim in the prescribed form and in an e-mail dated 10.07.2020, the same was informed to the Applicant. Further, a Resolution Plan was approved by the CoC in the 22nd Meeting held on 27.08.2020 by e-voting a....
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....ish Polymer Product Vs. Mr. George Samuel & Anr. Company Appeal (AT) (Insolvency) No. 420/2021 decided on 18.06.2021, wherein it was observed that if new claims keep popping up and are entertained at belated stage, when the Resolution Applicants are already before the CoC with their Resolution Plan(s), the CIRP would be jeopardized. Keeping in view the object of the Code, which is resolution in a time bound manner to maximize value of the assets of the Corporate Debtor, it dismissed the Appeal. Conclusion;- 13. The issue whether the Applicant can be considered as a Financial Creditor instead of Operational Creditor, in case when the Resolution Plan provides for the claim in proportion to other Financial Creditors, does not arise at this s....