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Judgment
Per: SHRI VEERA BRAHMA RAO AREKAPUDI, MEMBER (TECHNICAL)
The present IA is filed under Regulation 31(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 seeking directions to modify the list of stakeholders/ operational creditors as on 28.07.2020, a copy of which is at ANNEUXRE A-5 (COLLY.).
AVERMENTS MADE IN THE APPLICATION :
The applicant had filed application under section 33(1)(a) of the I&B Code, 2016 for initiation of liquidation process of the Corporate Debtor. This Tribunal vide order dated 14.06.2019 passed in IA No.415 of 2019 directed initiation of liquidation process of the Corporate Debtor and appointed the applicant as Liquidator of the Corporate Debtor. The applicant had filed list of stakeholders under Regulation 31(2) of the Liquidation Regulations before this Tribunal on 26.08.2019.
When one of the stakeholders of the Corporate Debtor, viz. Standard Chartered Bank had assigned its entire/ part of the financial debt in favour of Asset Reconstruction Company (India) Limited [ARCIL], the applicant filed Modified List of Stakeholders as on 11.02.2020 under Regulation 31(3) of the Liquidation Regulations before this Tribunal. The Tribunal vide order dated 06.05.2020 allowed IA No.185 of 2020 and modified the secured financial creditors as on 11.02.2019. However, there was no change in the list of operational creditors, list of unsecured financial creditors and the list of other creditors as on 14.06.2019. A copy of the said list is at ANNEXURE A-1 (COLLY.).
After the last date of submission of claims, viz. 14.07.2019, the Liquidator had received the following claims and he dealt with the same as explained hereunder:
| Claim received beyond last date, viz. 14.07.19, from | Action of the Liquidator | Action of the creditor | Order of the Tribunal | Status of the claim |
|---|---|---|---|---|
| Akshaya Infrastructures received on 25.09.19. | Rejected the claim vide e-mail dated 17.10.19. | Operational Creditor approached the Tribunal by filing IA No.1088 of 2019. | Tribunal vide order dated 21.01.20 (ANNE-XURE A-2) condoned the delay and directed Liquidator to consider the claim on merits. | Claim of Rs.70,39,058/- is admitted after reconciling from the books of the Corporate Debtor. |
| State Tax Officer, Chennai received on 27.02.20. | Rejected the claim. | Operational Creditor approached the Tribunal by filing IA No.227 of 2020. | Tribunal vide order dated 06.05.2020 (ANNE-XURE A-3) condoned delay and directed Liquidator to consider the claim on merits. | Claim of Rs.1,24,77,821/- is admitted after reconciling from the books of the Corporate Debtor. |
Accordingly, total number of Operational Creditors as on 08.02.2020 aggregates to six and total admitted amount of six Operational Creditors aggregates to Rs.14,89,65,315/-. Hence the applicant/ Liquidator files this application seeking modification of list of stakeholders (Operational Creditors) as on 28.07.2020 (ANNEXURE A-5 COLLY.)
FINDINGS
We have heard the Liquidator. The Liquidator would contend that during the process of liquidation of the Corporate Debtor, after filing list of stakeholders, two stakeholders, namely, Akshaya Infrastructures and State Tax Officer, Chennai, submitted their respective claims as detailed hereinabove.
After hearing the Liquidator and perusing the material on record and considering Regulation 31(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, this application filed by the Liquidator deserves consideration.
ORDER
Accordingly, IA No.845 of 2020 filed under Regulation 31(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 is allowed in the following terms. List of Stakeholders as on 28.07.2020 in respect of Vishwa Infrastructures and Services Private Limited, produced at ANNEXURE A-5 COLLY, stands modified by including the stakeholders, namely, Akshaya Infrastructures and State Tax Officer, Chennai. Accordingly IA No.845 of 2020 is disposed of.