2017 (11) TMI 1964 - Tri - Insolvency and Bankruptcy

Rectification of mistake - error apparent on the face of record or not - typographical mistakes in the name of the Financial Creditor as well as in the name of learned counsel appearing on behalf of the Financial Creditor - Section 420 (2) of the Companies Act, 2013 - HELD THAT - Necessary corrections are made. Application disposed off.

Summary

Issues: Correction of typographical errors in the order dated 26-10-2017.

Analysis:
1. The Tribunal acknowledged the presence of typographical errors in the Order dated 26-10-2017 and exercised its powers under Section 420 (2) of the Companies Act, 2013, to rectify these errors. The errors primarily related to the name of the Financial Creditor and the counsel representing them.

2. The original Order incorrectly mentioned the Financial Creditor as "Seri Infrastructure (P) Ltd." and the counsel as "Mr. R. K. Banerjee, Sr. Advocate." The corrected versions should read as "Srei Infrastructure Finance Ltd." and "Mr. R. Banerjee, Sr. Advocate," respectively.

3. Specific corrections were made in various paragraphs of the Order to rectify typographical mistakes. For instance, in Para 1, the name of the Financial Creditor was corrected to "Srei Infrastructure Finance Ltd." from "Seri Infrastructure (P) Ltd."

4. Further corrections were made in Para 15, where the word "four" was replaced with "favour," and in Para 45, where the word "to" was inserted between "agreed" and "by" to ensure the accuracy of the statement.

5. Notable changes were also made in Para 47, where "FC" was replaced with "principal borrower" to accurately reflect the context of the case and in Para 62, where the phrase "at least in this proceeding" was added to clarify the Tribunal's opinion.

6. The corrections extended to other paragraphs as well, such as in Para 49, where the word "be" was inserted between "to" and "wholly," and in Para 69, where the word "second" was added between "the" and "allegation" to rectify omissions.

7. Additionally, corrections were made to financial figures mentioned in the Order. For instance, in Para 70, the amount of arrear penal charges was corrected to "arrear penal charges ?493,85,10,906/-" from the incorrect figure of ?1,27,83,715.00.

8. The Tribunal also rectified the date of commencement of moratorium in Para 86 (i) to reflect the accurate date as "26-10-2017" instead of "30-05-2017" for the effective implementation of the moratorium.

9. The final paragraph of the Order was amended to include the word "under" before "section 7(4)" to provide clarity and accuracy in the statement regarding the disposal of the application within the specified time limit.

10. The Tribunal emphasized that the corrected order would be considered a part of the original order dated 26-10-2017 and directed the distribution of the corrected order to all relevant parties for information and compliance.