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2019 (3) TMI 1749 - NATIONAL COMPANY LAW TRIBUNAL — AHMEDABAD BENCHImpledment in the present proceedings - outstanding of a principal amount due to the applicant in terms of term-loan - the applicant requested the resolution professional on M/s. KSS Patron P. Ltd., to ensure payment of dues of the applicant to determine the eligibility of the present resolution applicant - HELD THAT:- As a matter of record that in earlier phases of proceedings, the M/s. Karur Vysya Bank Ltd., did not approach to the resolution professional and the committee of creditors by lodging its claim with regard to M/s. KSS Metals P. Ltd., which is stated to be a related party of the present resolution applicant, M/s. ArcelorMittal India P. Ltd. - In compliance with the decision in the case of ARCELORMITTAL INDIA PRIVATE LIMITED VERSUS SATISH KUMAR GUPTA & ORS. [2018 (10) TMI 312 - SUPREME COURT] and in order to complete the assigned task in a time bound manner, the RP and CoC were required to consider the eligibility of the resolution applicants, whether the later has paid off its NPA within two weeks from the date of receipt of the hon'ble Supreme Court's judgment. The RP and CoC had also fixed cut-off date/ deadline for filing such information/claims before it. Since the record of other pending CIRP proceedings in relating to M/s. KSS Patrons P. Ltd., is not made available in the present case, neither it can be ascertained nor appropriate for this Adjudicating Authority to decide such issue without going through the relevant record whether the resolution applicant falls within the category of a related party or otherwise to the corporate debtor of such CIRP proceedings or hit by section 29A of the Code - Moreover, even if, the resolution applicant is found to have not paid off its NPAs, then the CoC is legally required to follow the prescribed procedure under the proviso of section 30(4) of the IB Code before declaring the resolution applicant is ineligible under section 29A of the Code. The present application are not tenable at this stage in such the time-bound proceeding and the hearing wherein has already been concluded - application dismissed.
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