AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
17.10.2022 This appeal has been filed against an order dated 31.05.2022 by which I.A. No. 2478 of 2022 has been rejected. The submission for the learned Counsel for the Appellant is that in I.A. No. 2478/22 three more prayers were made and only prayer No. 1 has been considered by the Adjudicating Authority. The prayers in I.A. No. 2478 of 2022 are as follow:
i.“quash the insolvency proceedings in CP(IB) 174/2019, or
ii.direct the Resolution Professional to treat the Applicants as Financial Creditors,
iii.refer the matter to the Secretary, Ministry of Corporate Affairs, Government of India, to get the matter investigated by Inspector or Inspectors following the procedure in terms of Section 213 of the companies Act, 2013 in terms of judgment of the Ld. NCLAT in Lagadapati Ramesh Vs. Ramanathan Bhuvandshwari, Company Appeal (AT)(Insolvency) No. 574/2019
iv.pass any other order as the Ld. Tribunal may think fit in its wisdom for securing the interest of justice.”
Learned Counsel for the Appellant submits that IRP, vide his mail dated 22.03.2022, rejected the claim of the Appellant as Financial Creditor and he was advised to submit the claim in Form-B which was under challenge in the aforesaid I.A., but the Adjudicating Authority did not consider.
We have heard the learned Counsel for the Respondent who submits that the Appellant had neither made the Directors of the Corporate Debtor the parties to the Application nor had even pressed other prayers.
After hearing for the parties, we are of the view that the prayer no. ii in the Application with regard to the claim of the Appellant as Financial Creditor is required to be considered by the Adjudicating Authority. In so far as prayer no. iii, we see no reason to issue any direction as prayed for.
Thus, we are reviving the Interlocutory Application i.e., I.A. No. 2478 of 2022 only with regard to prayer No. ii i.e., “direct the Resolution Professional to treat the Applicants as Financial Creditors” The Adjudicating Authority shall take a decision with regard to claim of the Appellant as Financial Creditor. We make it clear that we have not made any observation to the merits of the claim and it is for the Adjudicating Authority to consider and take a decision.
We further notice that SEBI has already taken up the proceeding and several directions have been issued. No direction, as prayed in prayer -iii needs to be entertained by Adjudicating Authority.