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2021 (12) TMI 629 - AT - Insolvency and BankruptcyRejection of claim in respect of Corporate Guarantee - Corporate Guarantee was made available to the Respondent No.1 and also before the Adjudicating Authority or not - non-reflection of Corporate Guarantee in Books of Accounts - non-revocation of Corporate Guarantee and not crystalizing into debt in the Books of Corporate Debtor - reason for rejecting the claim of the Appellant by the Adjudicating Authority is that the Appellant has not produced the documents namely the Agreement evidencing the furnishing of the Corporate Guarantee issued by the Corporate Debtor in relation to the debt availed by M/s. Vasan Dental Health Pvt. Ltd. HELD THAT - The Appellant has provided all the information with the IRP/RP prior to rejection of claim. Further, after rejection of the claim the Appellant addressed a detailed reply to the objections raised by the IRP. It appears that the IRP has not considered the documents produced before it and without going into detail rejected the claim of the Appellant. Even the Adjudicating Authority merely affirmed the stand taken by the IRP/RP, without verifying the documents placed before it. Whether the Corporate Guarantee was made available to the Respondent No.1 and before the Adjudicating Authority? - HELD THAT - It is a fact that the Corporate Guarantee was shared with the 1st Respondent vide E-mail dated 22.01.2020 and the said Corporate Guarantee was also filed before the Adjudicating Authority along with convenience volume. Further it is also evident that before passing the rejection of the claim by the 1st Respondent vide order dated 06.02.2020 the Appellant submitted the Corporate Guarantee to the 1st Respondent therefore the 1st Respondent ought to have meticulously considered the Corporate Guarantee and other documents made available before him - the observation made by the Learned Adjudicating Authority that the Corporate Guarantee was not produced before it is without any basis. Whether not reflecting Corporate Guarantee in the Books of Accounts invalidates the claim? - HELD THAT - It is an admitted fact that the Corporate Guarantee having been executed cannot be denied and cannot unanimously decide by the 1st Respondent to the contrary and cannot be adjudicated upon - This Tribunal accepting the submissions as made by the Learned Counsel and this Tribunal is also of the view that the existence of Corporate Guarantee is not in question either by fact or in law. Therefore, the claim cannot be invalidated on the above ground. Not invoking Corporate Guarantee and not crystalizing into debt, whether it invalidates the claim? - HELD THAT - The Resolution Professional is required to maintain an updated list of all claims. The maturity of a claim or default of debt, are not the guiding factors to be noticed for collating or updating the claims. This Tribunal comes to a resultant conclusion that the Corporate Guarantee was made available with IRP and Adjudicating Authority - Application disposed off.
Issues Involved:
1. Whether the Corporate Guarantee was made available to the Respondent No.1 and also before the Adjudicating Authority. 2. Whether not reflecting the Corporate Guarantee in the Books of Accounts invalidates the claim. 3. Whether not invoking the Corporate Guarantee and not crystallizing into debt in the Books of Corporate Debtor invalidates the claim. Detailed Analysis: 1. Availability of Corporate Guarantee: The Appellant contended that the Corporate Guarantee was shared with the Respondent No.1 via email on 22.01.2020 and was also filed before the Adjudicating Authority. The Respondent No.1, however, rejected the claim on 06.02.2020, stating the Corporate Guarantee was not produced. The Tribunal noted that the IRP received the Corporate Guarantee and acknowledged it in an email dated 02.02.2020. Thus, the Tribunal concluded that the Corporate Guarantee was indeed made available to the Respondent No.1 and the Adjudicating Authority, and the rejection of the claim on these grounds was without any basis. 2. Reflection in Books of Accounts: The Appellant argued that the absence of the Corporate Guarantee in the Books of Accounts of the Corporate Debtor does not invalidate the Guarantee. The Tribunal agreed, noting that the Corporate Guarantee's existence could not be denied merely because it was not reflected in the Books of Accounts. The Tribunal emphasized that the Assignor Bank had obtained requisite Board Resolutions from both the Corporate Debtor and the Borrower, which were furnished to the Adjudicating Authority. Thus, the claim could not be invalidated based on the non-reflection in the Books of Accounts. 3. Invocation and Crystallization of Debt: The Tribunal discussed the definition of 'claim' under Section 3(6) of the Insolvency and Bankruptcy Code, which includes a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured. The Tribunal referenced the decision in Export Import Bank of India v Resolution Professional of JEKPL Pvt. Ltd., which held that the maturity of a claim or default of debt are not guiding factors for collating or updating claims. Therefore, the Tribunal concluded that the non-invocation of the Corporate Guarantee and its non-crystallization into debt did not invalidate the claim. Conclusion: The Tribunal found that the Corporate Guarantee was made available to the IRP and the Adjudicating Authority, and its non-reflection in the Books of Accounts and non-invocation did not invalidate the claim. Consequently, the Tribunal quashed and set aside the impugned order to the extent it rejected the Appellant's claim of ?54,97,35,793/-. The Tribunal directed the 2nd Respondent (RP) to verify all documents related to the Corporate Guarantee and, upon verification, to admit the Appellant's claim. Order: a. The rejection of the Appellant's claim of ?54,97,35,793/- in the Impugned Order dated 22.02.2021 is quashed and set aside. b. The 2nd Respondent (RP) is directed to verify all documents regarding the Corporate Guarantee issued by Vasan Healthcare Pvt. Ltd. c. After verification, the 2nd Respondent is directed to consider and admit the Appellant's claim of ?54,97,35,793/-. d. The Appeal is allowed with no orders as to costs.
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