TaxTMI 
TaxTMI 
2021 (10) TMI 1346
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....275/2021; b. Pass such other or further order as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the instant case 3. We have heard the Ld. Counsels for the applicants of both the IAs and perused the averments made in the applications. 4. On perusal of the averments made in both the applications, we notice that the applicants in both the IAs are the same persons and the averments made in both the applications are also almost similar/identical except the prayer portion. In IA/2365/2021, prayer is to permit the applicants to implead as respondents in IA/2286/2021, whereas the prayer made in IA/2366/2021 is to permit the applicants to implead as a respondent in IA/2275/2021. 5. The arguments advanced by the Ld. Counsel for the applicant in both the applications are common. Therefore, we would like to dispose of both these applications together by this common order. 6. Ld. Counsel for the applicants have submitted that the applicants, being the members of the CoC, will be directly and substantially affected by outcome of IA No. 2275/2021, which will decide the status of financial creditors and the composition of the CoC. He furthe....
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.... 12,60,77,970/- on the applicant; b. Pass an order directing the IRP Mr. Shiv Nandan Sharma to admit the entire claim amount of Rs. 130,96,46,399.24/- of the applicant as Financial Creditors of the Corporate Debtor. c. Hold that the applicant is not a related party of the Corporate Debtor under Section 5 (24) of the IBC. d. Pass an order thereby directing the IRP Mr. Shiv Nandan Sharma to include the applicants in the list of Financial Creditors of the Corporate Debtor for the constitution of the CoC and grant its proportionate voting in the CoC. e. Pass an order of stay restraining the IRP from conducting CoC meeting until admission of claims of applicants and their inclusion in the CoC. f. Pass ad-interim orders in terms of Prayer clause (d) and (e) above; g. Pass any other order as this Hon'ble Adjudicating Authority may deem fit in the interest of justice. The applicants of IA/2275/2021 have prayed for the following reliefs: a. Allow the present application and set aside the decision of the IRP dated 16.05.2021 partially admitting the claim of the applicant of Rs. 55,06,45,056.52/- out of total claim of Rs. 1....
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....n of the committee. (2) The existence of debt due to the financial creditor may be proved on the basis of- (a) the records available with an information utility, if any; or (b) other relevant documents, including- (i) a financial contract supported by financial statements as evidence of the debt; (ii) a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor; (iii) financial statements showing that the debt has not been repaid; or (iv) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any. 8A. Claims by creditors in a class. (1) A person claiming to be a creditor in a class shall submit claim with proof to the interim resolution professional in electronic form in Form CA of the Schedule. (2) The existence of debt due to a creditor in a class may be proved on the basis of- (a) the records available with an information utility, if any; or (b) other relevant documents, including any- (i) agreement for sale; (ii) letter of allotmen....
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.... the information available with him. (2) The interim resolution professional or the resolution professional, as the case may be, shall revise the amounts of claims admitted, including the estimates of claims made under sub regulation (1), as soon as may be practicable, when he comes across additional information warranting such revision. At this juncture, we would also like to refer to the duties of the IRP/RP as provided under Section 18 and 25 of the IBC, 2016, and Section 25A. Rights and duties of authorised representative of financial creditors, which are quoted below:- IBC Section 18 - Duties of interim resolution professional. The interim resolution professional shall perform the following duties, namely:- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such ....
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....rate debtor; (b) represent and act on behalf of the corporate debtor with third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings; (c) raise interim finances subject to the approval of the committee of creditors under section 28; (d) appoint accountants, legal or other professionals in the manner as specified by Board; (e) maintain an updated list of claims; (f) convene and attend all meetings of the committee of creditors; (g) prepare the information memorandum in accordance with section 29; (h) invite prospective resolution applicants, who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans; (i) present all resolution plans at the meetings of the committee of creditors; (j) file application for avoidance of transactions in accordance with Chapter III, if any; and (k) such other actions as may ....
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....tion professional, as the case may be. Explanation.- For the purposes of this section, the "electronic means" shall be such as may be specified. 16. The conjoint reading of Section 18 & 25 of IBC shows that the duty of the IRP is to receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15 of IBC, 2016. Whereas the duty of the RP is to maintain an updated list of claims, which means, if the IRP has received and collated all the claims submitted by the creditors to him those claims can be updated by the RP as the duty cast upon the RP under Section 25(2)(e) of IBC, 2016, is to maintain an updated list of claims. The IBBI Regulations referred (supra) deal with the provisions for submission of claims by the different categories of the creditors and filing of the proof in support of the claim. When the different classes of creditors have submitted their claims as well as the proof of claims as referred to in Regulation 12 of IBBI Regulations, then the IRP or the RP is authorized under the law to verify the every claim within seven days from the last date of receipt of the claim, and thereupon maintain....