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TMI Blog2019 (10) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... cords of the company, since he is also unable to get any material supporting the claim of the Applicant Bank, the RP rejected the claim over Series-1. In view thereof, I am of the considered opinion that unless proof is placed before the RP, it is not possible under law to admit this claim, thereby, I have not found any merit in the argument of the Applicant Bank seeking directions against the RP to admit its claim. As to other relief in respect to the valuation of around 16 grounds of land assigned to the Corporate Debtor by the Government of Tamil Nadu through Assignment Deed in the year 1989, the Applicant Bank counsel says that the liquidation value determined by theJRP over the aforesaid land is decimal in value against the approxim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te For M/s. Aiyar Dolia For The Respondent : Shri P.S. Raman, Sr. Advocate For Mrs. J. Karthiga, RP Shri V. V. Sivakumar, Advocate For Due Associate ORDER Per : B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is an MA moved by Indian Bank (Applicant/Financial Creditor) u/s. 60(5)(c) of the Insolvency Bankruptcy Code, 2016 (the Code) against the Resolution Professional (RP) and another Financial Creditor, namely, International Asset Reconstruction Company Private Limited, seeking reliefs as follows:- a. setting aside the decision of the RP dated 16.04.2019 rejecting part claim of the Applicant Bank and consider the entire claim of the Applicant as Finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to act as Trustee. 4. In addition to the above, the Corporate Debtor on 12.03.1990, issued 2,96,616 secured non-convertible debentures (Series-II) with a face value of ₹ 100 each aggregating to ₹ 2,96,61,600 carrying interest at the rate of 14% per annum secured by charge over the debtor properties. As to these debentures also, Indian Bank agreed to act as Trustee by entering into Articles of Agreement dated 26.11.1990, with the Debentureholders. 5. As the Corporate Debtor failed to pay interest over those debentures as agreed by the parties, this Applicant Bank filed three Recovery Applications before Debts Recovery Tribunal-II, Chermai (DRT-II) in O.A.No.299/2000 (renumbered as O.A.No.256 of 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted the claim over Series-1. In view thereof, I am of the considered opinion that unless proof is placed before the RP, it is not possible under law to admit this claim, thereby, I have not found any merit in the argument of the Applicant Bank seeking directions against the RP to admit its claim. 9. As to other relief in respect to the valuation of around 16 grounds of land assigned to the Corporate Debtor by the Government of Tamil Nadu through Assignment Deed in the year 1989, the Applicant Bank counsel says that the liquidation value determined by theJRP over the aforesaid land is decimal in value against the approximate value of ₹ 18.74 crore given by valuer of the Applicant Bank on 24.06.2019. In addition to it, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion value that was shown at the time of assignment. 11. The RP counsel has further stated that this Applicant Bank has not even voted either for or against the Resolution Plan placed before the CoC for voting, moreover this Bank voting for or against the Resolution Plan would not change the decision because the requisite majority voted for the approval of the Resolution Plan. He further says that the applicant bank has not raised any objection that this plan is in violation of the procedure laid under the Code. 12. On hearing the submissions of either side, it is evident that the land presently lying in the name of the Corporate Debtor is admittedly belonging to the Government of Tamil Nadu and only possession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground that the Panel Valuer of the Bank has ascertained the value as ₹ 18 crore, but this report has no supporting s reflecting that this land would fetch ₹ 18.74 crore of value in the market. At least had there been some material before this Bench that there is a possibility for fetching the value mentioned by the Applicant Bank, then the occasion would have arisen before this Bench to look into such relief, but no material except bald valuation taking market value in that vicinity into consideration. This valuation has not discussed as to title of the land. When the title of the asset is not transferred and when the land was assigned on some fees paid by the Corporate Debtor with a rider that land shall remain used for the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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