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TMI Blog2020 (8) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... , it is for the Liquidator to form the liquidation estate in relation to the Corporate Debtor as mandated under Section 36 of the I B Code which include assets over which the Corporate Debtor has the ownership rights. The Liquidator is required to access any information systems for the purpose of admission and proof of claims and identification of the liquidation assets relating to the Corporate Debtor , receive and collect the claims of the creditors within 30 days of commencement of the liquidation process, verify such claims and finally either admit or reject the claim either in whole or in part. The determination of valuation of claims, as mandated by Section 41 of the I B Code , falls within the domain of the Liquidator who is supposed to follow the Regulations framed by the Insolvency and Bankruptcy Board of India in this regard. It has rightly been held to have no locus standi under Section 47(1) of the I B Code to seek any direction against the Liquidator as regards alleged undervalued sale transaction. That apart, it appears that the Appellant has taken varying stands mutually exclusive and inconsistent. Claim of compensation in its capacity as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground that the Tribunal failed to appreciate the statutory provision as also the fact that the Liquidator had reduced the price below 75% of the reserved price bypassing the provisions of Regulation 33 (2) and without obtaining permission from the Tribunal. 2. For better understanding of the controversy involved at the bottom of this matter, it would be appropriate to make a brief reference to the factual matrix of the case. The Corporate Applicant Nicco Corporation Limited was directed to undergo liquidation proceedings in terms of the order dated 17th October, 2017 passed by the Tribunal. Respondent Mr. Vinod Kumar Kothari was appointed as Liquidator to prepare the list of assets of the Corporate Debtor and for liquidating its assets for discharging the liabilities of the Corporate Debtor in terms of The Insolvency and Bankruptcy Board of India (Liquidation Process), Regulations, 2016. The Liquidator made paper publication for selling the Nicco House . The Appellant appears to have resisted such move on the part of the Liquidator (in proceeding with the sale) on the plea that the building in question had been constructed without obtaining a building p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en adjudicated upon further observing that the Appellant had no locus standi, to seek any direction against the Liquidator who had been performing his duties strictly as per Regulations under the I B Code . Being convinced that the allegations were baseless, it slapped costs upon the Appellant as noticed hereinabove. 4. Heard the learned counsel for the parties. 5. Learned counsel for the Appellant submitted that the Appellant suffered massive loss when his office situated in 2nd Floor of Nicco House was engulfed in flames as fire broke out in the building. It is contended that initially the Appellant had lodged the claim with 5th Metropolitan Magistrate, Calcutta for compensation amount of ₹ 3.20 Crores against the Corporate Debtor . However, after appointment of Liquidator , the Appellant lodged claim before the Liquidator who did not settle its claim till date. It is further contended that the Appellant had approached the Tribunal for seeking remedy as the Liquidator did not settle its claim and the same was pending for consideration before the Tribunal. Meanwhile, the Liquidator initiated steps to effect sale of the entire building. It is contended that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssert or even to suggest that by using the demised premises as a tenant, the Appellant was rendering any services so as to bring its claim within the fold of operational debt . The argument raised on this score being fallacious is rejected. 8. Insofar as the liquidation proceedings are concerned, it is for the Liquidator to form the liquidation estate in relation to the Corporate Debtor as mandated under Section 36 of the I B Code which include assets over which the Corporate Debtor has the ownership rights. The Liquidator is required to access any information systems for the purpose of admission and proof of claims and identification of the liquidation assets relating to the Corporate Debtor , receive and collect the claims of the creditors within 30 days of commencement of the liquidation process, verify such claims and finally either admit or reject the claim either in whole or in part. The determination of valuation of claims, as mandated by Section 41 of the I B Code , falls within the domain of the Liquidator who is supposed to follow the Regulations framed by the Insolvency and Bankruptcy Board of India in this regard. A plain reading of Section 38 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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