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Judgment
O R D E R
21.07.2022: These two Appeals have been filed against the same Order dated 01.09.2021 passed in I.A. No. 2435 of 2021 in I.B. 2115/ND/2019. In I.A. No. 2435 of 2021 filed by Chandgi Ram Real Estate Consultants Pvt. Ltd., following is the prayer made:
“It is therefore, most respectfully submitted that this Hon’ble Tribunal may be pleased to:
a)Allow the present application and direct the Interim Resolution Professional/Resolution Professional to accept the claim of Rs. 16,13,96,119/- (Rupees Sixteen Crore, Thirteen Lacs Ninety-Six Thousand one Hundred Nineteen) filed by the Applicant as Financial Debt and further to classify and categorize the Applicant as a Financial Creditor of the Corporate Debtor;
b)Direct the Respondent to reconstitute the CoC after inculcating the aforementioned claim of the Applicant;
c)Stay the proceedings of CoC of the Corporate Debtor till the final disposal of the present Application;
d)Pass any such order or orders as may be deemed fit and proper in the facts and circumstances of the present matter.”
The Adjudicating Authority by the Impugned Order by giving the benefit of the doubt to the Applicant’s Security Deposits of Rs. 5,67,18,000/- classified as Financial Debt. Order is as follows:
“I.A. No. 2435 of 2021 Heard the submissions made by the Ld. Counsels for both the parties. Ld. Counsel for the RP has expressed a view that the amount advanced by the applicant have been used in discharge of certain commercials obligations. Having regard to the said view this Tribunal gives the benefit of doubt to the applicant’s security deposit of Rs. 5,67,18,000/- may be classified as financial debt. The Application stands disposed of. ……”
Company Appeal (AT) Ins. No. 73 of 2022 has been filed claiming that entire claim of the Rs. 16,13,96,119/- be accepted as Financial Debt. Learned Counsel for the Appellant submits that there were ample materials on record having relevance on the issue to be considered in the Application which has not been adverted by the Adjudicating Authority.
We have already noticed the reasons and findings given by the Adjudicating Authority for classifying the Financial Debt. We are of the view that Adjudicating Authority ought to have looked into the materials on the record and then returned a finding whether it was financial debt or not.
Learned Counsel for the parties submit that the Resolution Plan duly approved by the Committee of Creditors has already been submitted before the Adjudicating Authority which is pending for consideration along with the other Applications and objections pending therein.
We are of the view that the Order dated 01.09.2021 passed in I.A. No. 2435/2021 deserve to be set aside. Hence the Order dated 01.09.2021 is set aside and the I.A. No. 2435 of 2021 is revived before the Adjudicating Authority to be considered afresh after hearing the parties. We only observe that I.A. No. 2435 of 2021 may be considered and decided before the Adjudicating Authority grants approval or disapproval of the Resolution Plan. We make it clear that we are not expressing any opinion on the merits of the claim of the parties.
Both the Appeals are disposed of, accordingly.