Ebix Singapore Pte Ltd vs Mahender Kumar Khandelwal

Heard  Learned  Counsel  for  the  Appellant  and  Learned Counsel for the Resolution Professional.

This Appeal has been filed against the order dated 08.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench (Court-II) by which Application I.A-397/2022 filed by the Appellant has been rejected. In I.A-397/2022, following prayers has been made by the Appellant:-

“(i) Allow the instant application and pass appropriate directions to the Respondent to supply the information as sought in the Applicant’s letter dated 17.12.2021 (and reproduced in paragraph 13 of this Application) forthwith;

(ii) Direct the RP to keep the Resolution Applicant informed, and supply all details and documents pertaining to any material developments concerning the Corporate Debtor on a continuing basis pending approval of the Resolution Plan.”

In the present case, after commencement of the Corporate Insolvency Resolution (CIRP) on 30.05.2017, the Appellant submitted his plan on 27.01.2018 on the basis of Information Memorandum as was published by the Resolution Professional. The plan submitted by the Appellant was approved by the Committee of Creditors (CoC) on 23.02.2018. The Appellant made an Application to withdraw the plan which was accepted by the Adjudicating Authority but ultimately in Appeal, by this Tribunal the order was set aside which was affirmed by the Hon’ble Supreme Court on 13.09.2021 in the judgment reported in “Ebix Singapore Pvt Ltd. Vs Committee of Creditors of Educomp Solutions Ltd. & Anr.- Civil Appeal No. 3224 of 2020 & Ors.”. Now, it is submitted that the Application for approval of the plan has been filed by the Resolution Professional which is pending consideration before the Adjudicating Authority.

Learned Counsel for the Resolution Professional informed that today post lunch is the date fixed for consideration of the Application of approval of the plan.

Learned Counsel for the Appellant submits that although the submission was noticed by the Adjudicating Authority that some of the information required by the Appellant are already available on the public domain but for last 4 years no financial statements have been either filed before the RoC or available in the public domain or with the stock exchange. It is submitted that the Appellant, who ultimately in event the plan is approved has to run the Corporate Debtor, is entitled for all information for his further steps.

Learned  Counsel  for  the  Resolution  Professional  submits  that  the financial statement could not be uploaded because of the change of the Statutory Auditor and after CoC’s approval, the information will be uploaded and provided to all concern.

We have considered the submissions of the Learned Counsel for the parties and perused the record.

We are of the view that the Adjudicating Authority has rightly not entertained the Application on the view that the plan which was submitted by the Appellant was based on the Information Memorandum as was available and since the plan approval is engaging attention of the Adjudicating Authority, no further information need to be provided, we do not find any error in the order rejecting the Application. We record the statement of the Resolution Professional that in event, the plan is approved, all necessary information which is required by the Appellant shall be provided by the Resolution Professional to the Appellant which are in possession of the Resolution Professional.

With the aforesaid observations, the Appeal is dismissed.