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TMI Blog2017 (9) TMI 1447X X X X Extracts X X X X X X X X Extracts X X X X ..... djudicating Authority for its satisfaction whether the interest of all stakeholders have been satisfied and whether one or other creditor has not raised any claim like Punjab National Bank, alter giving notice to individual claimant and taking into consideration of the Insolvency Resolution plan and report of the Insolvency Resolution Professional as may be prepared, the Adjudicating Authority may close the proceedings. Hope and trust that all the formalities will be completed by group of 'Financial Creditors' and Insolvency Resolution Professional expeditiously and the Adjudicating Authority will pass appropriate order, in accordance with law after notice of hearing the parties - Company Appeal (AT) (Insol.) No. 89 of 2017 - - - Dated:- 18-8-2017 - MR. S.J. MUKHOPADHAYA, J. For The ppellant : r. Akhilesh Shrivastava, Advocate, Ms. Suhita Mukhopadhyay, PCS Mr. Arun Kumar Gupta, IRP. ORDER The Respondent- Parker Hannifin India Pvt. Ltd. 'Operational Creditor' preferred an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) for initiation of 'Corporate Insolvency Resolution Process' before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vely marked as Annexure - B. 3. That in terms of Section 15 of the Code and as required under Regulation 6(2)(b)(iii) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the same public announcement was also uploaded on the website of the Insolvency and Bankruptcy Board of India (IBBI). 4. That the last date for submission of claims was 4, 5, 1 7per the Public Announcement. Asper Regulations, a creditor, who failed to su bmit proof of claim within the time stipulated in the public announcement, may submit such proof to the Interim Resolution Professional or the Resolution Professional, as the case may be, till the approval of a resolution plan by the committee. 5. That pursuant to the public announcement, claims from only 2 creditors have been received till date as per SL. NO. NAME OF CREDITOR CONTACT PERSON CATEGORY SECURITY CREATED AMOUNT CLAIMED (Rs.) Date Claimed 1 Punjab National Bank, Bistupur Branch, Jamshedpur Account Number-022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... illegality. 9. In so far as the order dated 20th April, 2017 by which the application under section 9 was admitted is concerned, we are not deciding the question of legality and proprietary of the said order having not challenged. However, we have noticed the submissions made on behalf of the appellant and not disputed by the respondent that order dated 20th April, 2017 has been passed, in violation of Rules of natural justice without notice to the 'Corporate Debtor'. This is also clear from the order dated 20th April, 2017, wherein the appearance of the applicant/ respondent has been recorded but no reference of the appearance of the 'Corporate Debtor' has been made by the Adjudicating Authority. 10. If the order dated 20th April, 2017, would have been challenged by the appellant, it was open to this Appellate Tribunal to set aside the order dated 20th April, 2017 and then to permit the 'Operational Creditor' to withdraw the application, in view of settlement. In the present case as the order of admission is not under challenge and the application cannot be withdrawn, we cannot grant the relief as sought for by the appellant. 11. However, we make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors, each financial creditor may- ( a). authorise the trustee or agent to act on his behalf in the committee of creditors to the extent of his voting share; ( b) represent himself in the committee of creditors to the extent of his voting share; ( c) appoint an insolvency professional (other than the resolution professional) at his own cost to represent himself in the committee of creditors to the extent of his voting share; or ( d) exercise his right to vote to the extent of his voting share with one or more financial creditors jointly or severally. ( 7) The Board may specify the manner of determining the voting share in respect of financial debts issued as securities under sub-section (6). ( 8) All decisions of the committee of creditors shall be taken by a vote of not less than seventy-five per cent. of voting share of the financial creditors: Provided that where a corporate debtor does not have any financial creditors, the committee of creditors shall be constituted and comprise of such persons to exercise such functions in such manner as may be specified by the Board. ( 9) The committee of creditors shall have the right to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ittee of creditors shall be conducted in such manner as may be specjfied. 13. In the meantime, Interim Resolution Professional is required to perform duties in terms of Section 23 and to protect and preserve the assets of the 'Corporate Debtor' under Section 25. 14. After collection of all the materials, the Committee of Creditors are required to submit a resolution plan to the Resolution Professional on the basis of information memorandum as per Section 30, as quoted below: - 30. Submission of resolution plan. - (1) A resolution applicant may submit a resolution plan to the resolution professional prepared on the basis of the information memorandum. ( 2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan- ( a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the repayment of other debts of the corporate debtor; ( b) provides for the repayment of the debts of operational creditors in such manner as may be specified by the Board which shall not be less than the amount to be paid to the operational credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( a) the moratorium order passed by the Adjudicating Authority under section 14 shall cease to have effect; and ( b) the resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be recorded on its database. 16. Only if the resolution plan does not confirm the requirements referred to in sub-section (1) of Section 31, the Adjudicating Authority may reject the same. However, if approval of plan under sub-section (1) of Section 31 is granted, the Moratorium order passed by the Adjudicating Authority under Section 14 shall cease to have its effect in view of sub-section (3) of Section 31. 17. In the present case, it is informed that in terms of Section 21 the meeting of the Committee of Creditors has taken place. Meeting of the Committee of Creditors as required under section 24 after notice has also taken place, as informed by. Interim Resolution Professional. 18. All the information having received by 'Insolvency Resolution Professional' after publication of notice in the newspaper and all creditors having satisfied, except Punjab National Bank who ..... X X X X Extracts X X X X X X X X Extracts X X X X
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