2020 (1) TMI 1743

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....U JYOTI MUKHOPADHAYA, J. In the 'Corporate Insolvency Resolution Process' of M/s Ariisto Developers Private Limited ('Corporate Debtor'), Miscellaneous Applications under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') were filed by 'Financial Creditors'. The HDFC Bank Ltd. filed M.A. No. 999/2019 raising question of voting shares of some of the 'Financial Creditors' on the ground that if the voting shares were granted properly, HDFC voting share in the 'Committee of Creditors' would increase from 21.26% to approximately 51%. 2. The Appellant -Dipco Private Limited also filed an application under Section 60(5) against the decision of the 'Resolution Professional' of Vistra ITC....

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.... Regulation 40A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to suggest that 'Resolution Professional' can file an application to the Adjudicating Authority for appropriate relief for the preferential transactions within 135 days of the commencement of CIRP. In the present case, despite repeated communication, the 'Resolution Professional' did not take any steps against the concerned 'Financial Creditors' alleging preferential transactions, hence, the Appellant filed an application under Section 60(5) of the Code within 126 days. 6. The Respondents brought to the notice of the Adjudicating Authority that more than 330 days had passed in the present case and the 'C....

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....urpose: to ensure that the NCLT alone has jurisdiction when it comes to applications and proceedings by or against a corporate debtor covered by the Code, making it clear that no other forum has jurisdiction to entertain or dispose of such applications or proceedings." 8. As per Section 60(5), though the NCLT is empowered to entertain or dispose of any application or proceeding by or against the 'Corporate Debtor' or 'Corporate Person', it does not invest the NCLT with the jurisdiction to re-determine and collate the claim. The decision for collating the claim, if any, taken by the 'Resolution Professional', the same being judicial or quasi-judicial, the NCLT cannot sit in Appeal. 9. In the present case, though the Adjudicating Author....