2019 (11) TMI 1693 - Tri - Insolvency and Bankruptcy

Increase of Resolution Plan amount - HELD THAT - A perusal of the affidavit shows that the situation created on account of acceptance of the claim of Alchemist Asset Reconstruction Company Ltd. treating them as a secured creditor has now been remedied by infusing more funds. Accordingly, the application filed by Alchemist Asset Reconstruction Company Ltd. has been completely accepted and no further orders are required to be passed - application disposed off.

Summary

Issues:
1. Resolution plan amount adjustment for secured creditors.
2. Determination of secured creditor status.
3. Pending decision on an application.
4. Payment of arrears of fee to an applicant.
5. Non-compliance with an undertaking for payment.
6. Avoidance of transactions and related prayers.
7. Challenge of rejection of claims by home-buyers.

Resolution Plan Amount Adjustment for Secured Creditors:
In the case of CA-1047(PB)/2019, the Resolution Plan Applicant filed an affidavit to increase the resolution plan amount to bring a creditor in parity with other secured creditors. The Tribunal noted the infusion of additional funds to meet the situation created after accepting the claim of the creditor, thereby accepting the application and disposing of it.

Determination of Secured Creditor Status:
Regarding CA-966(PB)/2019, the Tribunal previously held that an applicant could not be considered a secured creditor as the corporate debtor's assets were not secured. It was observed that the assets of the directors in their private capacities were secured, leading to the disposal of the application.

Pending Decision on an Application:
In CA-889(PB)/2019, arguments were heard, and the order was reserved for a later date.

Payment of Arrears of Fee to an Applicant:
In CA-1081(PB)/2019, the RP assured to pay the arrears of fee to the applicant within two days, leading to the disposal of the application.

Non-Compliance with an Undertaking for Payment:
The Tribunal noted in a separate matter that despite an undertaking to pay arrears of interim finance, no payment had been made. An ultimatum was given to comply within two weeks; otherwise, contempt proceedings may be initiated.

Avoidance of Transactions and Related Prayers:
Applications related to the avoidance of transactions and other prayers were consolidated due to their interconnected nature. The Tribunal directed the completion of pleadings within ten days and listed the matter for a future date.

Challenge of Rejection of Claims by Home-Buyers:
Home-buyers challenged the rejection of their claims based on cash payments made to ex-directors. These applications were also consolidated, with directions for completing pleadings within ten days and listing the matter for a future date.