2020 (11) TMI 1026 - Tri - Insolvency and Bankruptcy

Rejection of claim of creditors - applicants entered into agreements with the Corporate Debtor or paid money to the Corporate Debtor for allotment of flats or not - Financial Creditors or not - HELD THAT - Now, when the resolution plan was approved by the CoC on 30.08.2020, the RP says, perhaps having realized in case he remained as financial creditor in class, he would not get on par with independent financial creditors, the Applicant therefore changed his mind and has filed Form-C application on 03.09.2020, i.e., after plan was approved by the CoC. For this Applicant himself filed Form-CA application and the same being admitted by the RP without any change, thereafter having this Applicant kept quiet for more than seven months, now he cannot subsequently, that too after plan was approved by the CoC, change his mind and ask alteration of his status as separate financial creditor - Application dismissed.

Summary

Issues:
1. Dispute over claims made by applicants who paid money to a third party for flats in a project of the Corporate Debtor.
2. Applicant claiming to be a decree holder for refund of money and seeking classification as a Financial Creditor.

Analysis:

1. Dispute over Claims by Applicants:
The Applicants in IA-4564 & IA-4885/2020 claimed to have paid money to a third party for flats in the Corporate Debtor project. However, the Resolution Professional rejected their claims, stating there was no proof of a jural relationship between the applicants and the Corporate Debtor. The Tribunal found no merit in the applicants' arguments, emphasizing that the documents provided did not establish a direct relationship with the developer. The money paid to the alleged agent was not deposited with the Corporate Debtor, and no allotment letters were issued. Consequently, the Tribunal dismissed both applications, highlighting that no obligation could be imposed on the Corporate Debtor based solely on payments made to a third party.

2. Applicant Seeking Classification as Financial Creditor:
In IA-4514/2020, an applicant claimed to be a decree holder for refund of money and sought classification as a Financial Creditor. Initially, the Resolution Professional admitted the claim as requested by the applicant. However, after the approval of the resolution plan by the CoC, the applicant filed a new application seeking alteration of his status as a separate financial creditor. The Tribunal dismissed the application, noting that the applicant had previously filed Form-CA based on the RERA decree to be considered as a financial creditor in class. Changing his stance after the plan's approval was deemed misconceived, as the applicant had remained silent for over seven months before seeking a change in classification.

In conclusion, the Tribunal resolved the disputes by dismissing the applications based on the lack of evidence establishing a direct relationship with the Corporate Debtor in the first case and the applicant's inconsistent stance regarding his classification as a Financial Creditor in the second case. The decisions were made to maintain the integrity of the resolution process and adhere to established legal principles.