2023 (10) TMI 71

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....r. Parag P. Tripathi, Sr. Adv. Mr. Madhav Kanoria, Adv. Ms. Srideepa Bhattacharyya, Adv. Ms. Aishwarya Gupta, Adv. Ms. Mishika Bajpai, Adv. Mr. Srinivasan Ramaswamy, Adv. M/S. Cyril Amarchand Mangaldas, AOR For the Respondent : Mr. Abhinav Mukerji, AOR Mr. Shambo Nandy, Adv. Mr. Snehasish Mukherjee, AOR ORDER We have heard learned counsel for the appellant. The consolidated note of argume....

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....I. It is a secured Financial Creditor of the Corporate Debtor. The share holding may have been more but the voting right is confined to 20 per cent and thus, this does not fall in the category of "more than 20 per cent" which would be disqualification under Section 5(24) of the Code. Apart from this, it is submitted that Section 21 has two provisos and the second proviso would apply in the case....

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.... Provided that a financial creditor or the authorized representative of the financial creditor referred to in sub-section (6) or subsection (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 in a meeting of the committee of creditors. Provided further that the first proviso sha....

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.... we are in agreement with the submission of learned senior counsel for the appellant that there can be no cavil to the proposition that so far as the appellant before us is concerned, on account of both the aspects urged by learned senior counsel for the appellant, the appellant cannot be treated as a related party and thus, would find a place on the Committee of Creditors. Having opined so, in....