9911796707
TMI Blog2019 (5) TMI 1917X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Value Infrabuild India Pvt. Ltd.', they not being the 'Corporate Debtor' in the present case. The Corporate Debtor (Value Infracon India Pvt. Ltd.) facing separately triggered application under Section 7, the Appellant cannot claim the dues which is payable by other Co-borrowers, the other 'Corporate Debtor' in the 'Resolution Process' against the present 'Corporate Debtor' - the amount having been separately disbursed as per request of three different entities who signed jointly, it is clear that individual entities like Value Infrabuild India Pvt. Ltd.' received a sum of ₹ 29,55,00,000/-; Value Infracon India Pvt. Ltd.' received a sum of ₹ 1,00,00,000/- and Value Infratech Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2018 and expect the RP to act in accordance with the agreement dated 19.09.2014 and allocate the voting share to the CoC accordingly. The order is necessitated because other two petitions under section 7 of IBC namely C.P. No. (IB)-770(PB)/2018 (IB)- 771 (PB)/2018 against the other two corporate debtors (sister concern) namely Value Infrabuild India Pvt. Ltd. and Value Infratech India Pvt. Ltd. have also been filed. They have mortgaged 469 and 385 units of their respective property with the Capri Global Capital Limited whereas the corporate debtor in the present case has mortgaged only 30 units of its property. The RP could not have allocated voting share to the Capri Global Capital Limited by taking total loan amount of all the three co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Impugned Order in terms of which the entire claim of ₹ 76,75,46,530/- of the Appellant as initially accepted (upto to the 5th 'Committee of Creditors') has been reduced to ₹ 1,86,00,000/- (before the 6th 'Committee of Creditors'), thereby resulting in reduction of the voting share of the Appellant from 51.55% to 2.35%. 5. Learned counsel for the Appellant submitted that the loan agreement dated 17th September, 2014 having executed between the Appellant, Value Infrabuild India Pvt. Ltd.', Value Infracon India Private Limited'-(Corporate Debtor) and Value Infratech India Pvt. Ltd. 'wherein all the 3 entities were Co-borrowers. In terms of Clause 2.4 of the Loan Agreement, Value Infracon Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they intimated the Appellant by letter dated 19th September, 2014 that the amount of ₹ 37,20,00,000/- be paid by High Value Cheque/Pay Order/Account Transfer separately against each name, as extracted hereunder: 9. The amount having been separately disbursed as per request of three different entities who signed jointly, it is clear that individual entities like Value Infrabuild India Pvt. Ltd.' received a sum of ₹ 29,55,00,000/-; Value Infracon India Pvt. Ltd.' received a sum of ₹ 1,00,00,000/- and Value Infratech India Pvt. Ltd.' received a sum of ₹ 6,65,00,000/- in their respective Bank Accounts. Having received such amounts separately, the Appellant cannot claim all the payments from the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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