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2021 (4) TMI 891 - Tri - Insolvency and BankruptcySeeking removal of name of the Operational Creditor from the Stakeholders Consultation Committee constituted under Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016 - permission to modify entries in the list of stakeholders as filed before this Tribunal and reconstitute the Stakeholders' Consultation Committee pursuant to the withdrawal of the claim by M/s. Regenix Drugs Limited - HELD THAT - Regulation 31(3) of the Liquidation Process Regulations, 2016 permits the Adjudicating Authority to allow revised list of stakeholders submitted by the Liquidator. Since one of the Operational Creditor viz. M/s. Regenix Drugs Limited has withdrawn its claim from the Liquidator, there arises a necessity for the Liquidator to modify the list of Stakeholders. In the circumstances, application deserves to be allowed. Thus, the Liquidator as per Regulation 31(3) of the IBBI (Liquidation Process) Regulations, 2016, is permitted to revise the list of stakeholders of the Corporate Debtor. The Liquidator is directed to file the modified list of stakeholders before this Tribunal within a period of 7 days from the date of this order - application allowed.
Issues:
Application to remove Operational Creditor from Stakeholders Consultation Committee and modify list of stakeholders. Analysis: The judgment pertains to an Application filed by the Liquidator seeking permission to remove the name of an Operational Creditor from the Stakeholders Consultation Committee and to modify the list of stakeholders. The Liquidator had been appointed following the order for Liquidation of the Corporate Debtor. The Operational Creditor, M/s. Regenix Drugs Limited, had made a claim which included an interest component. However, upon examination, it was found that there was no provision for interest in the invoice raised, and hence, the interest portion of the claim was rejected. Subsequently, the Operational Creditor requested the Liquidator to dismiss the admitted claim as withdrawn due to a settlement with the promoter of the Corporate Debtor. As per Regulation 31(3) of the IBBI (Liquidation Process) Regulations, 2016, any modification to the list of stakeholders is required to be done by the Adjudicating Authority. The Tribunal noted that Regulation 31(3) allows the Adjudicating Authority to permit the Liquidator to submit a revised list of stakeholders if necessary modifications are warranted. Since the Operational Creditor had withdrawn its claim, the Liquidator needed to modify the list of stakeholders. Therefore, the Tribunal concluded that the Application deserved to be allowed. Consequently, the Liquidator was granted permission to revise the list of stakeholders and directed to file the modified list within seven days from the date of the order. In conclusion, the Tribunal allowed the Application, emphasizing the provisions of Regulation 31(3) which empower the Liquidator to revise the list of stakeholders in cases where modifications are essential. The judgment ensures compliance with the regulatory framework governing the liquidation process and upholds the rights of stakeholders involved in the proceedings.
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