2023 (12) TMI 1247 - SCH - Insolvency and Bankruptcy

Submission of claim before COC - HELD THAT - The pleas and contentions of Kamal Kant Dewan and Bharat Food and Agro Products, as well as the contentions of White Water Hospitality Private Limited, will be examined by the adjudicating authority. The impugned judgment set aside - appeal allowed.

Summary

Issues involved: Delay condonation, permission to file appeal, payment dispute, claims by appellants, disbanding of Committee of Creditors, examination of claims by adjudicating authority, setting aside impugned judgment, remitting the case for further examination, examination of RP fee/cost.

Delay Condonation and Permission to File Appeal: The Supreme Court granted permission to file the appeal after condoning the delay. During the hearing, the respondent company agreed to pay the claimed amount to the Resolution Professional within three weeks. The National Company Law Tribunal will determine the interest due from a specified date till the payment is made.

Payment Dispute and Claims by Appellants: The respondent company also agreed to pay interest as calculated by the adjudicating authority to the RP of V.I.R. Foods Limited. Claims have been made by appellants Kamal Kant Dewan and Bharat Food and Agro Products, which were submitted to the Committee of Creditors. However, the Committee has been disbanded, and the claims will be examined by the adjudicating authority.

Setting Aside Impugned Judgment and Remitting the Case: The Supreme Court set aside the impugned judgments passed by the National Company Law Appellate Tribunal and the NCLT. The case was remitted to the adjudicating authority for further examination of the issues and questions, considering the directions provided in the order. The adjudicating authority will also assess the fee/cost of the RP.

Conclusion: The appeals were allowed, and any pending applications were disposed of accordingly.