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TMI Blog2020 (8) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... 157/7/NCLT/AHM/2017 was disposed of as infructuous for the reason that CP(IB) No. 388/NCLT/AHM/2018 was admitted against the same Corporate Debtor. The said decision taken in the meeting of the Committee of Creditors on 05.07.2019 and filing of Application in pursuance thereof under Section 12 A of IBC seeking withdrawal of the Petition before the Adjudicating Authority is arbitrary and against conscience of legal jurisprudence - Petition restored to its original position - appeal allowed. - Company Appeal (AT)(Insolvency) No. 730 of 2019 - - - Dated:- 24-6-2020 - [Justice A.I.S. Cheema] Member (Judicial) , [Justice Anant Bijay Singh] Member(Judicial) And (Kanthi Narahari) Member(Technical) For the Appellant: Mr. Rahul Chitnis and Mr. Aaditya Pandey, Advocates For Respondents: Mr. H.S. Kohli, Advocate for Respondent No. 1 Mr. Vinit Trehan, Advocate JUDGMENT KANTHI NARAHARI, MEMBER (TECHNICAL) The present Appeal arises out of the order dated 11th July, 2019 in I.A. No. 399 of 2019 in/with CP(IB) No. 388/NCLT/AHM/2018 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench), Ahmedabad. Brief Facts: 2. Learned Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Appellant was present in the Court Room when this order was passed by the Adjudicating Authority. 7. While so, the 3rd Respondent herein i.e., Interim Resolution Professional filed I.A. No. 399 of 2019 in CP(IB) No. 388/NCLT/AHM/2018 under Section 12 A of IBC seeking withdrawal of CP(IB) No. 388/NCLT/AHM/2018. While passing the order, the Adjudicating Authority observed that 1st Respondent (herein) being Financial Creditor and Sole Member of the Committee of Creditors and taking note that the matter has been settled with the Corporate Debtor as the Central Bank of India (Financial Creditor) was able to make eauction of the assets (Property of the Company) and has realised the amount towards full satisfaction of its debts, therefore the Petitioner- Bank (1st Respondent herein) does not wish to continue with the Corporate Insolvency Resolution Process. Accordingly, I.A. No. 399 of 2019 was allowed and CP(IB) No. 388/NCLT/AHM/2018 disposed of and consequently, Corporate Insolvency Resolution Process was recalled. 8. Learned Counsel for the Appellant submitted that the Appellant has submitted claim before the 3rd Respondent on 25.06.2019. However, 3rd Respondent did not con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tlement of debt of 1st Respondent herein. 10. Learned Counsel appearing for 2nd Respondent submitted that the claim of the Appellant was received on 28.06.2019 after constitution of Committee of Creditors and not on 25.06.2019 as contended by the Appellant. He submitted that 3rd Respondent received the claim from Appellant jointly with other Creditors on 28.06.2019. 3rd Respondent sent email dated 03.07.2019 stating that the claim submitted by Appellant is not in conformity with Regulations and asked requisite documents for verification of the claim. The Appellant submitted that modified claim was submitted on 09.07.2019. Interim Resolution Professional conducted its duties as per law and constituted Committee of Creditors on 05.07.2019 wherein the Committee of Creditors took a decision with 100% voting to file Application seeking withdrawal of Company Petition bearing No. CP(IB) No. 388/NCLT/AHM/2018. FINDINGS: 11. Heard learned Counsel appearing for the respective parties, perused pleadings and documents filed in their support. It is a fact that the Appellant filed Company Petition under Section 7 of IBC before the Adjudicating Authority in the year 2017 itself. Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2019 in CP(IB) No. 388/NCLT/AHM/2018 seeking withdrawal of the Petition even though Section 60(5) IBC, the representative of the Appellant was present and the Appellant already lodged caveat before the Adjudicating Authority. 15. We observe that without considering the claim of the Appellant, the Committee of Creditors took a decision to withdraw the Petition in their first meeting itself i.e., on 05.07.2019. From the Minutes of the Meeting of the Committee of Creditors, as extracted by the Adjudicating Authority, in its order dated 11.07.2019 which is impugned. At para-ii under the heading 3) Constitution of COC it is stated that the IRP shared the List of Creditors with members of COC and informed that only one claim from Central Bank of India as financial creditor was received till the last date of submission of the claims. However, some claims were received after the last date are under process of verification. Having recorded in the Minutes of the Meeting that the IRP received the claim after the last date and it was under process of verification, could have adjourned the meeting of the Committee of Creditors to afford opportunity to verify the claims. Without affor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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