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TMI Blog2022 (1) TMI 512X X X X Extracts X X X X X X X X Extracts X X X X ..... Borah, Member (J) And Anil Kumar B., Member (T) For the Appellant : Arun Chand, Advocate For the Respondents : Party-in-Person ORDER Ashok Kumar Borah, Member (J) 1. This MA has been filed under Section 42 of the Insolvency and Bankruptcy Code 2016 [hereinafter referred to as I B Code 2016] by Amarjeet Singh, Operational Creditor in IBA/35/KOB/2019 in the matter of M/s. Goodwin Packpet Pvt Ltd., seeking the following reliefs: - i. To set aside the order dated 17.03.2021 passed by the Liquidator rejecting the interest amount claimed by the Applicant/Operational Creditor; ii. To direct the Liquidator to admit the interest amount of ₹ 27,26,627/- claimed by the Appellant/Operational Creditor in the liquidation proceedings; The brief facts leading to this MA are as under: 2. The Applicant is the Operational Creditor in IBA/35/KOB/2019. This Tribunal vide order dated 22.04.2020 in IBA/35/KOB/2019 appointed Mr. Sathiq Buhari as the Interim Resolution Professional (IRP) directing the Applicant to deposit a Sum of ₹ 2,00,000/- (Rupees Two Lakhs only) with the IRP to meet out the initial expenses to perform the functions assigned to him in ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charged, if the payment is delayed beyond 7 days and the Corporate Debtor has agreed to pay the interest before they started purchasing materials from the Applicant/Operational Creditor and that the Applicant, charged only 18% per annum and even though the said fact is known to the Corporate Debtor, they did not challenge the same before this Tribunal till date. 5. It is further stated that in the first meeting of the Stakeholders Consultation Committee (SCC) of Goodwin Packpet Private Limited, held on 13.08.2021, the Liquidator was selected as the Chairman of the meeting and who has presided over the meeting. It is also stated that in the Stakeholders Consultation Committee (SCC) meeting, the Liquidator had not specifically enquired about the personal properties and Personal Guarantors of the Corporate Debtor for valuing the same in the liquidation process, even though Section 2 (e) of the Insolvency and Bankruptcy Code, 2016 includes Personal Guarantors to Corporate Debtor. 6. It is stated that the Liquidator failed to prevail upon the Financial Creditor to bring the properties of the Guarantors of the Corporate Debtor to sale by invoking the Insolvency and Bankruptcy (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the Applicant/Operational Creditor under Section 42 of Insolvency and Bankruptcy Code, 2016. Submissions by the Respondent No. 2 9. The Respondent No. 2, learned Liquidator filed a reply to the MA. Even though copy of the MA has been served on Respondent No. 1 and Respondent No. 3 they neither appeared nor filed a reply to this Application. The 2nd Respondent/Liquidator stated that as per direction in the Supreme Court Order in MA No. 665 of 2021 in SMW(C) No. 3 of 2020 the period from 15.03.2020 till 02.10.2021 is excluded from computing the period of limitation. After exclusion of this period, the Court or Tribunals can condone the delay within outer limits of period of limitation prescribed under the applicable law. As per Section 42 of the IB Code, the period of limitation is 14 days only. Hence, the Applicant would have submitted this application within 14 days after 02.10.2021 i.e., on or before 16.10.2021. But this application has been filed only on 20.10.2021. 10. The 2nd Respondent admits that in the 1st CoC meeting, in Agenda B2-Rectification of the CIRP cost incurred by the Operational Creditor, the CoC has approved the expenses incurred and approved to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Personal Guarantors of the Corporate Debtor and to value these properties as a part of liquidation process of the Corporate Debtor. It is also stated that the duty of the Liquidator is to realize the assets of the Corporate Debtor and to distribute the proceeds to the stakeholders in accordance with provisions of the Insolvency and Bankruptcy Code, 2016 and the Regulations made thereunder. The proceeds from the sale of the liquidation assets need to be distributed in the order of priority specified in Section 53 of the Code. It is also stated that in the 1st and 2nd meeting of the Stakeholders Consultation Committee of M/s. Goodwin Packpet Private Limited, the Liquidator placed only the details of liquidation expenses incurred by him. The Applicant is a member of the committee. But he never attended meetings of the committee. 13. It is also stated that as per Section 39(2) of the Code, the Liquidator may require any Creditor or the Corporate Debtor or any other person to produce any other document or evidence which he thinks necessary for the purpose of verifying the whole or any part of the claim. 14. It is further stated that the Applicant claimed interest based on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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