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TMI Blog2021 (9) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... uctive according to us considering the objects of the IBC. Now, when we already have decision not in the favour of the Appellant, it is all the more reason for us to not to grant any interim orders to stay the proceedings which are taking place before the CoC. It is stated that although extension has been granted by the Adjudicating Authority vide order dated 16th August, 2021, that order also has not been uploaded. Such order has been passed is not disputed by the Resolution Professional. Fact remains that there is time available in the CIRP till 30th September, 2021. The present Appeal will not come in the way of the CoC for either rejecting or accepting any Resolution Plan or from taking any other decisions including decision with regard to liquidation, as per law, when period prescribed under Section 12 of IBC is coming to an end, if Resolution Plan is not there. List the Appeal For Admission (After Notice) Hearing on 25th October, 2021. - Company Appeal (AT) (Insolvency) No. 589 of 2021 - - - Dated:- 27-8-2021 - [Justice A.I.S. Cheema] The Officiating Chairperson And [Dr. Alok Srivastava] Member (Technical) For the Appellant : Mr. Ramji Srinivasan, Sr. Advocat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale component. It is claimed that with such intention various agreements as recorded in Para 7.2 of Amended Appeal were entered into and the material clause is reproduced in Para 7.3 of the Amended Memo of Appeal, which reads as under: 4. Without prejudice to any other right which the Developer may have under this Agreement or under the Project Agreements or any other agreement/deeds entered into between the Parties or under law or otherwise, in the event of default by the Transferor to perform the Transferor s Obligations in accordance with the Timelines, then in such a case, the Transferor shall cure such breach/default within the period of 60 days from the date of occurrence of such event of default, failing which the Transferor shall be liable to pay interest to the Developer at the rate of 2% per month on all amounts (including the Paid Consideration). [Emphasis supplied] 7. Relying on such clause, the Learned Counsel for the Appellant submits that status of the Appellant is that of the Financial Creditor. 8. Learned Senior Counsel for the Appellant submitted that when the I.A. was filed by the Appellant before the Adjudicating Authority, the Adjudicating Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same. 7. To discuss and consider the filing of application with the Hon ble National Company Law Tribunal, Mumbai Bench under Section 33(2) of Insolvency and Bankruptcy Code, 2016, (Code) for the initiation of liquidation and/or dissolution of Corporate Debtor. As members of the Committee of Creditors (CoC) are aware that after considering the extension granted by Hon ble NCLT for 90 days, CIRP period comes to an end on 28th April, 2021. CoC Members are also aware that the RP had filed an application with Hon ble NCLT seeking exclusion of the period from 14th April, 2021 to 28th April, 2021 (period of commencement of lockdown due to COVID-19) and from 28th April, 2021 till date of disposal of Application filed by M/s BBPL from the CIRP period for the CD and to allow the RP to conduct the corporate insolvency resolution process of the Corporate Debtor. The matter is pending with Hon ble NCLT till date. Since the Hon ble NCLT has dismissed application of BBPL, the CoC members are requested to consider initiation of liquidation proceedings of the Corporate Debtor (CD). Thus, the Resolution Profe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest amount as a Financial Debt as a penalty for the alleged breach of the various terms and conditions of number of agreements entered into between the applicant M/s Budhpur Buildcon Pvt. Ltd. and the Corporate Debtor HDIL which is a mere right for the alleged breach by the Corporate Debtor. It is appropriate to mention here that the Corporate Debtor is denying any breach on its part and on the other hand raised lapses on the side of the applicant. Therefore, the respondent RP has rightly rejected the claim of the applicant as Financial Debt as it is a mere claim. This Bench did not find any illegality or irregularity committed by the RP. 12. At this stage we note Amended Appeal Para 7.11 which reads as under: 7.11. That in the aforesaid circumstances, the Appellant submitted the said Claim for financial debt whereby it claimed an amount of ₹ 14,391,00,00,000/- (Rupees Fourteen Thousand Crore Three Hundred and Ninety-One Lac Only) as due and payable by the Corporate Debtor towards the said Interest Stipulation under Clause 4 of the said 2012 Agreement at the rate of 2% on the amount of ₹ 721, 03,00,000/- (Rupees Seven Hundred and Twenty One Crore an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lready two years are over. Senior Counsel, Mr. Krishnendu Datta, intervened to submit that the intervenor wanted to file a Resolution Plan for part resolution of the Corporate Debtor with regard to one of the projects of SRA. The application on that count is also pending with the Adjudicating Authority. The Learned Counsel for the Resolution Professional submitted that the CoC did not agree to accept the resolution of the Corporate Debtor in parts. It is stated that the Corporate Debtor had about 70 projects in hand and thus there were applicants who wanted to give offers of Resolution Plans project-wise, which CoC did not find practicable. 17. When the application of Appellant was pending before the Adjudicating Authority, the Adjudicating Authority had only orally asked the CoC to delay taking decision on the question of liquidation. Now, the Adjudicating Authority has applied its mind and taken a conscious decision not accepting the Appellant as the Financial Creditor and observed in Para 16 of the impugned order that CIRP is at an advance stage and reason why it had earlier given oral direction. If for an individual person claiming to be Financial Creditor the progress of CI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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