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TMI Blog2021 (9) TMI 1209X X X X Extracts X X X X X X X X Extracts X X X X ..... partial claim of the Respondent which was not supported by documents - Application rejected. - MA No. 3545 of 2019 In CP No. 2285/MB/C-II/2018 - - - Dated:- 23-9-2021 - Hon'ble Member (Judicial) Mr. Ashok Kumar Borah And Hon'ble Member (Technical) Mr. Shyam Babu Gautam For the Applicant : Adv. Zaid Mansuri, i/b of MDP Partners For the Respondent : Adv. Manaswi Agrawal, i/b AKR Advisors LLP ORDER Per : Shyam Babu Gautam, Member (Technical) 1. This is an Application by IDBI Bank Limited, Applicant (hereinafter referred to as the Applicant) Under Section 60 (5) of Insolvency and Bankruptcy Code, 2016 seeking direction against the Resolution Professional of the Corporate Debtor for admission of claim as per the FORM C and to update the Committee of Creditors voting share ratio after admitting the claim of the Applicant. Applicant sought following prayers vide this Application: a. That this Hon ble Adjudicating Authority direct the Respondent that the claim of the Applicant as per the FORM C dated 12th September 2019 be admitted by the Respondent; b. That this Hon ble Adjudicating Authority direct the Respondent to Stop the E Voting schedul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 23rd March 2011 is annexed and marked as Exhibit 4 and Exhibit 5 copy of the accepted sanction letter dated 6th July 2012 and Exhibit 6 is a copy resolution of Corporate Debtor dated 5th July 2012. 6. The Applicant states that the applicant invoked the Corporate Guarantee dated 22nd January 2010 vide letter dated 10th July 2014, as the principal borrower failed to make payments as per the sanctioned terms and calling upon the Corporate Guarantor for the outstanding dues of the principal borrower. A Copy of the letter dated 10th July 2014 invoking the Corporate Guarantee is annexed and marked as Exhibit 7 . 7. The Applicant states that the Applicant pursuant to the Public Announcement made by the Resolution Professional submitted its revised proof of claim in Form C of the IBC before the Resolution Professional on 12th September 2019 claiming a total sum of ₹ 61,41,79,589.59/- (Rupees Sixty-One Crore Forty-One Lakh Seventy Nine Thousand Five Hundred Eighty Nine Fifty Nine Paisa Only) as on 26th February 2019. A Copy of the Form C submitted before the Resolution Professional is annexed and marked as Exhibit 8 to the Application. 8. The Applicant s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty of the Resolution Professional is to receive and collate all the claims submitted by Creditors. 11. The Applicant states that is has filed its revised claim before the Respondent which needs to be immediately admitted by the Respondent and updated the voting share of the Committee of Creditors. 12. The Applicant further states that in the adjourned 8th Committee of Creditors held on 1st November 2019, it was decided to finalise the Resolution plan submitted by resolution applicant. Also it was proposed to do E voting for CoC members. The E voting window was to be opened on November 04, 2019 (Monday) at 4:00 PM till November 08, 2019 (Friday) at 4:00 PM. SUBMISSIONS MADE BY WAY OF AFFIDAVIT IN REPLY BY RESPONDENT/RP 13. Pursuant to public announcement made in addition to other proof of claims received, he received a proof of claim dated 07.08.2019 from IDBI Bank i.e. only after 155 days of the initiation of Corporate Insolvency and Resolution Process for an amount of ₹ 65,59,66,435.12/- (Rupees Sixty-Five Crore Fifty-Nine Lakh Sixty-Six Thousand Four Hundred Thirty-Five Twelve Paisa Only). Having regard to the fact that the said claimant is a PSU Bank, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al creditors which are also PSU Banks having secured charge over the assets of the Corporate Debtor have refuted the claim made by the Applicant in respect to the Corporate Guarantee allegedly executed by the Corporate Debtor. The lenders have also stated that no prior permission of the Consortium lenders was taken by the Corporate Debtor prior to executing the alleged Corporate Guarantee inspite of the terms and conditions as per the sanction letter dated 24.08.2007, inter alia restricted the Corporate Debtor to undertake guarantee obligations on behalf of any other company, firm or person and hence, the said corporate guarantee ought to be treated as void ab initio. 20. The Respondent states that the Applicant is referring to the letter dated 10.07.2014 invoking the corporate Guarantee and claiming ₹ 30,49,24,849/- as of that date. The Applicant has not placed on record the objections raised by other Financial Creditors. a) Letter dated 02.08.2014 addressed by Union Bank to IDBI Bank. b) Letter dated 14.07.2014 addressed by Canara Bank to IDBI Bank. c) Letter dated 02.07.2014 addressed by Oriental Bank of Commerce to IDBI Bank. All the above mentioned banks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is conveniently trying to escape from the onus of proving its claim rather than expecting the Respondent / RP to the same without any application of mind, which is a clear mis-interpretation of the provisions of Section 18 of the Code. The RP is duty bound to apply his mind while collating and verifying the information to justify the claim and where the said claim is not supported with documentary evidences, the RP ought to refrain from admitting such claims. The Applicant fails to appreciate that an IRP/RP is not a mere rubber stamp to keep admitting claims without any verifications. Form the facts of the case it is clear that RP has conscientiously reached at conclusion not admitting partial claim of the Respondent which was not supported by documents. Therefore, we are not inclined to allow this application, hence the same is rejected. 25. With the above observations and directions MA 3545 of 2019 In CP No. 2285 of 2018 is disposed of as rejected. 26. In this matter Original Petitioner i.e. Phoenix ARC Private Limited filed IA 518 of 2021 for rejection of MA 3545 of 2019, In the lights of above observations nothing survives in IA 518 of 2021. Hence the same is also disp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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