9911796707
TMI Blog2021 (5) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... held on 13.11.2019, whereby: i. the distribution matrix with respect to the resolution plan of the successful applicant was altered and changed after the applicant had voted and left the meeting; and ii. the inclusion of success fee approved by the Committee of Creditors payable to Respondent, who is already being paid of the services of a resolution professional and who is further guilty of conducting the entire affairs of the Corporate Debtor in a biased manner. 2. The counsel appearing for the applicant stated that based upon the resolution plan submitted by Prestige Estates Projects Ltd. and received by the Respondent, the Respondent by his email dated 12.11.2019, on his own accord, formulated a distribution matrix for the CoC memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the approved plan and the minutes of Adjourned 20th CoC meeting, the Applicant was shocked to learn that post the Applicant leaving the meeting the distribution matrix was discussed and altered substantially to suit the requirement of HDFC Limited and Piramal entities due to which the other CoC members were benefited more than what was envisaged. He submitted that the Applicant does not have grievance with the Approved Plan but is utterly shocked with the unilateral imposition of the distribution matrix by the Respondent and in flagrant violation of his fiduciary duty to the members of the CoC. 5. The counsel for the applicant alleged that the conduct of the RP acting in disregard to the requirements of having the consent of the member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C to consider the distribution matrix; b. That this Hon'ble Tribunal be pleased to reject the grant of success fee of Rs. 3,00,00,000/- (Rupees Three Crores Only) awarded to the Resolution Professional as per Agenda 5 of the Adjourned 20th CoC Meeting; c. For such other orders as may be necessary in the interest of justice. 8. The respondent RP has on the other hand denied all the contentions and averments made by the applicant and also have denied that he has unilaterally imposed the distribution matrix upon the CoC as has been alleged by the applicant in this application. On the contrary, he alleged that the Applicant has, in the Miscellaneous Application, made various false, frivolous, concocted and mala fide assertions and alle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te that the changes to the distribution matrix were made only with respect to the secured creditors after inter se negotiations between them and the Applicant's commercials were untouched/unchanged/unaltered. Therefore, there is no flagrant violation of the RP's fiduciary duties towards the members of the CoC. 10. The counsel appearing for the RP further stated that the Applicant has raised grievances in respect of (i) the Distribution Matrix duly approved by the Committee of Creditors; and (ii) the Success Fee also duly approved by the Committee of Creditors. But the applicant has concealed in this Application that it is admittedly a member of the Committee of Creditors has in fact approved both these resolutions. Now, the applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the present distribution matrix is a classic example of balancing the interest of all the stakeholders of the Corporate Debtor and maximizing the value of its assets. Also, the aforesaid distribution matrix was fixed by the CoC in its own commercial wisdom. He alleged that the applicant has approached this Tribunal with unclean hands and there are no merits whatsoever in the vexatious allegations raised by the Applicant and hence this application deserves to be dismissed at the very threshold. FINDINGS 13. We have heard both the parties and taken their submissions into account. After going through the documents submitted by them, it is clear that the CoC has unanimously approved the Resolution Plan submitted by Prestige Estates Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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