9911796707
TMI Blog2022 (12) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 61 of the 'Insolvency and Bankruptcy Code 2016' (the Code) against the impugned order dated 22.03.2021 passed by the 'National Company Law Tribunal, New Delhi Court-III (the Adjudicating Authority) in IA -1129/2021 in IB -1330(ND)/2019. 2. The Appellants are aggrieved by the impugned order, particularly, to the extent whereby the Appellants were directed by the Adjudicating Authority to contribute proportionately in accordance with their voting share towards CIRP /Liquidation costs. In sum and substance, the Appellants have prayed for following reliefs: "i. To set aside the order dated 22.03.2021 in IA -1129/2021 In IB - 1330(ND)/2019 In the Matter Of M/S Elan Professional Appliances Private Limited Vs. M/S Customized Kitchen India P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP. 6. The Appellants have alleged that the so called operational creditor to settle the claim agreed to reimburse the fees and expenses of RP and RP has raised an invoices of Rs. 1.43 lakh which includes professional fees of Rs. 1 Lakh. 7. The first meeting of CoC was held on 19.03.2020 and RP informed that M/s. Elan has agreed to pay him Rs. 1.42 Lakh. However, the first CoC meeting rejected withdrawal from CIRP. The Appellant No.2 averred that he was willing to join CoC meeting through electronic means but no link was sent to him and minutes has wrongly recorded the same. He has alleged wrongdoing by the CD. They have also alleged that the Director of the CD has diverted the funds of the CD and has purchased property in his name. 2nd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stage itself when he could perceived that CD has only few assets like furniture etc. Now even if the CD is put to sale all the assets, they will not be in a position to realize even the bare fees of the IRP/RP. 12. We have carefully gone through the submissions made by ld. Counsel for the Appellant and the Liquidation in person including Amicus Curiae for the other Respondents and we are having the following observations: a. This is a clear case of misusing the provisions of the Code both by the Operational Creditor who has initiated the CIRP and the RP also. b. The Appellants are small suppliers and they don't want to be burdened with additional liability as their business is in a very bad shape and they have lost already a crore plus. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date; (ii) debts owed to a secured creditor for any amount unpaid following the enforcement of security interest; (f) any remaining debts and dues; (g) preference shareholders, if any; and (h) equity shareholders or partners, as the case may be. (2) Any contractual arrangements between recipients under sub-section (1) with equal ranking, if disrupting the order of priority under that sub-section shall be disregarded by the liquidator. (3) The fees payable to the liquidator shall be deducted proportionately from the proceeds payable t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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