TaxTMI 
TaxTMI 
2024 (9) TMI 567
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....ek Anand and Mr. Sugam Mishra , Advocates For the Respondent : Mr. Sunil Fernandes Sr. Advocate with Mr. Anjaneya Mishra, Mr. Nidish Gupta, Ms. Rajshree Chaudhary, Ms. Diksha Dadu Advocates for Intervener Mr. Krishnendu Datta Sr. Advocate with Mr. Aditya Nayyar, Ms. Niharika Sharma, Advocates for Intervener in IA- 5505 of 2024. Mr. Alok Tripathi, Advocate for Respondent Mr. Nidish Gupta, Mr. Alok Tripathi, Advocates for R-1 to 4. Mr. Abhijeet Sinha, Sr. Advocate with Mr. Iswar Mohapatra, Mr. Kunal H., Advocates Mr. Vinod C. , Advocate for IRP JUDGMENT ASHOK BHUSHAN , J. This Appeal by the suspended Director of the Corporate Debtor - Proplarity Infrastructure Pvt. Ltd. has been filed challenging the order dated 03.07.2024 passed ....
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....to the Appellant and other Financial Creditors on 26.07.2024, informing about constitution of the CoC. 3. The Appellant, suspended Director of the Corporate Debtor filed this Appeal on 29.7.2024, which came for consideration before this Tribunal on 31.07.2024, on which date, following order was passed: "31.07.2024: Ld. Counsel for the appellant submits that Section 7 application have been admitted by the impugned order and in pursuance of which a Committee of Creditors have already been constituted. It is submitted that appellant has settled with all 4 applicants and one other person who has filed the Section 7 application but the RP has admitted two persons as Members of CoC who according to the appellant are related party. The....
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.... the CoC on 25.07.2024 on the basis of provisional admission without proper verification. Claims submitted by M/s Certa Infrastructure Pvt. Ltd. and M/s Proplarity Infratech Pvt. Ltd. were claims submitted by 'related parties', which claims were also barred by time, but the IRP has hurriedly included them into the CoC. It is submitted that CoC has not been properly constituted as the Appellant has already settled with Respondent Nos.1 to 4 and another Financial Creditor, i.e. Mr. Kshitij Jain. Both M/s Certa Infrastructure Pvt. Ltd. and M/s Proplarity Infratech Pvt. Ltd. being related parties, cannot become part of the CoC. The learned Counsel for the Appellant has submitted that M/s Proplarity Infratech Pvt. Ltd. has filed return on 31.05.....
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....hare of the Applicant is 43.91%. No settlement can be entered by the Appellant without approval of the CoC. The claim of the Appellant that it has settled with the Financial Creditors and CIRP be closed is without any basis. 9. Shri Abhijeet Sinha, learned Senior Counsel appearing for IRP submits that IRP has not acted hurriedly and after receiving the claim it sent the email to M/s Proplarity Infratech Pvt. Ltd. enquiring the relationship of the Intervenor and the Corporate Debtor and reply was received from the Intervenor on 25.07.2024 that they are not related party. It is submitted that the report of the constitution of the CoC has been submitted by the IRP before the Adjudicating Authority on 25.07.2024. Both the intervenors being M....
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....rvenors in the CoC on the ground that they are related party and their claim has wrongly been admitted. 13. The present Appeal has been filed challenging admission order under Section 7. The debt and default on the part of the Corporate Debtor is not even questioned, which is an admitted fact. Hence, apart from challenging the order of admission, we need not enter into issues sought to be raised by the Appellant that both the Intervenors are related party and their claims have wrongly been admitted. The issue regarding they being related party and their claims have wrongly been included, are issues, which need to be raised by the Appellant before the Adjudicating Authority by filing appropriate application under Section 60, sub-section (....
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....e the meeting of the CoC. The IRP shall be entitled to convene the meeting of the CoC after two weeks from today, subject to any order or directions passed by Adjudicating Authority in the application to be filed by the Appellant, as above. The Appeal is disposed of in above terms. All pending IAs are also disposed of. Parties shall bear their own costs. ============= Document 1 Name of the corporate debtor : Proplarity Infrastructure Pvt. Ltd. Date of commencement of CIRP: 03rd July 2024 (Order received on 09.07.2024) List of members of committee of creditors as on : 23rd July, 2024 LIST OF COMMITTEE OF CREDITORS AS ON 23RD JULY 2024 Sr. No. Name of Creditors Identif ication Date of receipt Amount claimed Amout of claim Provi....