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TMI Blog2022 (5) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent No.1) Shri. Jasin Jose(RP) (Respondent No.2) Shri. Jithesh Menon, Shri. Hari Kumar G Nair, Shri. Akhil Suresh(Respondent No.3) (Advocates) ORDER 1. The present application has been filed by the Applicant Mr. Alijo Joseph, Suspended Director of Corporate Debtor underSection60(5) of the Insolvency and Bankruptcy Code,2016readwithRule11of National Company Law Tribunal Rules, 2016 seeking the following reliefs: i. Declare that the Committee of Creditors allegedly formed with just two creditors, as premature and invalid, especially given the fact that many States in which the Applicant's creditors are spread across, were under Government imposed lockdown thereby facing practical difficulties in lodging their claims with the Int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to them 4. Meanwhile, a Writ Petition No: 11003 of 2021 was filed before the Hon'ble High Court of Kerala, on 23 April 2021 to quash the order of this Tribunal passed on 09th April 2021 on the ground that the application filed before this Tribunal is without jurisdiction. However, without giving any credence to the W.P(C )pending before the Hon'ble Kerala High Court, the Committee of Creditors, comprising of two creditors proposed to convene the meeting on 19th May 2021.The Writ Petition was heard on 19th May 2021 and a stay of two months was granted on all proceedings. Moreover, the account in question with the Dhanalaxmi Bank Ltd has already been closed on payment of the entire amount to the bank under the settlement and thus nothing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to call for a separate CoC meeting to place the FORM FA for consideration. On the same day,the IRP received a stay order from the Hon'ble Kerala High Court staying the NCLT order. 6. It is further stated that as per the Audited Financials for the year ended on 31.03.2020 total claim outstanding of financial institutions is only of Dhanalakshmi Bank, State Bank of India, India Bulls Housing Finance Limited and Reliance Home Finance. Out of it, 2 financial institutions namely, State Bank of India and Dhanalakshmi Bank submitted their claims before the Interim Resolution Professional. Even though operational creditors can form part of CoC, they don't have any voting rights. Even after the completion of 235 days of CIR process only 2 Oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent No. 3, Mr. Akhil Suresh as well as Mr. Jasin Jose, Resolution Professional through video conferencing. It is a matter of record that the main petition, i.e.IBA/41/KOB/2020 was admitted on 09.04.2021 and IRP was appointed, who invited claim(s)from stakeholders by making a public announcement in Form-A and the last date for submission of claims was fixed as 4.5.2021. 11. The Resolution Professional stated that pursuant to the public announcement he has received claims from SBI, Dhanalakshmi Bank, and KSEB.In the 1st meeting of CoC State Bank of India and Dhanlaxmi bank were noted as Financial Creditors and KSEB was noted as Operational Creditor. The claim of Dhanlaxmi Bank was settled but the settlement was done after the constitution o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commencement date. (3) Where the creditor in sub-regulation (2) is [a financial creditor under regulation 8], it shall be included in the committee from the date of admission of such claim: Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion. 14. It is not in dispute that the last date for submission of claims as per the public announcement was on 04.05.2021. This Tribunal vide order dated 26th November 2021 accepted the updated list of creditors as of 28.10.2021in which the following were the creditors: - 15. It is also on record that a stay was granted by the Hon'ble High court of Kerala and it continued from 19.05.2021 to 20.10.2021. Meanwhile, the Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution professional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date.If the applicant/Corporate Debtor was vigilant and interested to submit any claims he should have explored the possibility of the Regulation mentioned hereinabove. Instead, he wants to stay the procedure adopted by the Resolution Professional and invalidate the CoC meeting. The applicant herein is exploiting the benefit under Covid-19 pandemic and trying to destroy the very purpose of the I&B Code,2016. 180 days is a long period now with all the advantages of modern technology and well-informed brains. Going forward, a CIRP could possibly be completed in a few days or even hours, particularly with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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