2020 (2) TMI 1006 - AT - Insolvency and Bankruptcy

Liquidation proceedings - Appellant submits that the Appellant has handed over the machinery to 'M/s. Sanjay Gandhi Thermal Power Project, 'Madhya Pradesh Power Generating Company Limited' - HELD THAT - As it is admitted that the liquidation proceeding has already been initiated, we allow the Appellant to file its claim before the Liquidator of 'M/s. Energo Engineering Projects Limited' who is required to verify the claims under clause (a) of sub-section (1) of section 35 of the Insolvency and Bankruptcy Code, 2016 and thereafter, on consolidation of claims under section 38 of the 'I B Code' and after verification of claims under section 39, it is the Liquidator who is empowered to admit or reject the claim under section 40. If the Appellant is aggrieved thereafter may prefer appeal under section 42 before the Adjudicating Authority. Imposition of cost or penalty or payment of interest - HELD THAT - This is not a fit case to be decided presently. Appeal disposed off.

Summary

Issues involved:
Liquidation proceeding initiation, filing claim before Liquidator, verification of claims under I&B Code, imposition of cost/penalty/interest.

Analysis:

1. Liquidation proceeding initiation:
The judgment acknowledges that the liquidation proceeding has already been initiated. The Appellant has handed over the machinery to 'M/s. Sanjay Gandhi Thermal Power Project, Madhya Pradesh Power Generating Company Limited' as per the order passed by the Adjudicating Authority. It is also confirmed by the learned counsel for the Liquidator.

2. Filing claim before Liquidator:
The Appellant is allowed to file its claim before the Liquidator of 'M/s. Energo Engineering Projects Limited.' The Liquidator is required to verify the claims under section 35 of the Insolvency and Bankruptcy Code, 2016. The judgment outlines the process of verification, consolidation, and admission/rejection of claims by the Liquidator under relevant sections of the I&B Code.

3. Imposition of cost/penalty/interest:
The judgment states that there is no need for imposing any cost, penalty, or payment of interest in this case. It is deemed not to be a fit scenario for such actions.

4. Conclusion:
The appeal is disposed of with the above observations and directions. No costs are awarded in this matter. The judgment provides clarity on the Appellant's rights to file a claim, the role of the Liquidator in verifying and admitting/rejecting claims, and the absence of any additional financial burden in terms of cost, penalty, or interest.

This detailed analysis of the judgment from the National Company Law Appellate Tribunal, New Delhi, covers the key issues involved in the case and the specific directions provided by the Tribunal regarding the liquidation proceeding, claim filing, and financial implications.