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TMI Blog2024 (5) TMI 422X X X X Extracts X X X X X X X X Extracts X X X X ..... of the operational creditors, therefore, even the unsecured creditors have also been given as NIL. As regards admitting the claim of the Appellant as contingent against Rs. 1 is concerned, this is not in dispute that the claim is based upon an order of the statutory authority against which an appeal is pending and it is not crystallised as such so far, thus in view of the decision of the Hon ble Supreme Court in the case of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT ] in which it has been held that we therefore hold that this part of the impugned order judgment deserves to be set aside on the ground that the resolution professional was correct in only admitting the claim at a notional value of Rs. 1 due to the pendency of disputes with regard to these claims. There are no merit in the present appeal and the same is hereby dismissed. - [ Justice Rakesh Kumar Jain ] Member ( Judicial ) , [ Mr. Naresh Salecha ] Member ( Technical ) And [ Mr. Indevar Pandey ] Member ( Technical ) For the Appellant : Mr. Shubham Arya, Mr. Ravi Nair, Ms. Poorva Saigal, Ms. Anumeha Smiti Mr. Yogesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmission of resolution plan was ultimately fixed for 16.01.2020. 6. Four EOIs were made to the R1/RP i.e. by Adani Power Limited, Vedanta Limited, Jindal Power Limited and NTPC Limited out of which only two Prospective Resolution Applicants (PRAs) i.e. Vedanta Limited and Adani Power Limited submitted their resolution plans. 7. Voting for approval of the resolution plan was conducted in the 11th meeting of the CoC held on 21.05.2021 and the resolution plan submitted by Respondent No. 3 (Adani Power Limited) was approved by the CoC with 100 % votes. The Respondent No. 3 submitted performance guarantee of Rs. 150 Cr. on 22.06.2021. In the resolution plan, the detail of payments given to the various stakeholders of the Corporate Debtor was given in Form H. The extract is reproduced as under : - 8. The liquidation value of the CD was disclosed as Rs. 1733.4 Cr. and the fair market value of the CD as Rs. 2657.2 Cr. After approval of the resolution plan, the Respondent No. 1 filed the application bearing 2829 of 2021 before the AA for the following prayers:- a. Allow the present application b. pass an order approving the resolution plan dated 11.05.2021 (read with addendum dated 12.05.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns filed by the CoC to intervene in the Applications filed by the Operational Creditors. Since the objections of the operational Creditors are already decided, therefore these IAs are dismissed as infructuous. 11. The application bearing I.A. No. 3015 of 2021 was also dismissed with the following reasons : - IA 3015/2021 28. That 1A 3015/2021 has been filed by Central Transmission Utility of India Limited, claiming to be an Operational Creditor against the RP. That through this 1A Central Transmission Utility of India Limited has sought admission of Rs 26,325,400,000 as an Operational Debt. 29. That the necessary of adjudicating the claim of the Operational Creditor in IA 3015/2021 is not required since the all the Operational Creditors, irrespective of their claim amount, are awarded with NIL Amount in the resolution plan. Therefore, I.A. No. 3015 of 2021 is dismissed as infructuous. 12. Aggrieved against the dismissal of both the applications, the present appeal has been filed. 13. Counsel for the Appellant has submitted that the Appellant is a statutory body constituted in terms of the Electricity Act, 2003 and is regulated by Central Electricity Regulatory Commission (CERC). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot take into account the interest of the operational creditors because NIL payment is provided to them in the resolution plan. 19. In reply, Counsel for Respondent No. 1 has argued that claim of the Appellant has righty been categorised as contingent because of the pendency of the appeal against the determination of the said amount. It is also submitted that in the list of creditors published on 05.01.2021 by the erstwhile RP, a detailed note was placed therein qua Appellant s claim that it is contingent due to the pending of the litigation which has not been denied by the Appellant even in the prayer made in the application in which it has been alleged that a direction may be issued to the RP that the operational debt of the Appellant would become payable on crystallisation of the debt. 20. It is further submitted that Respondent No. 1 could not have adjudicated upon the claim as it is not empowered to do so and legality of the claim is depending on the appeal which is pending before APTEL. 21. Counsel for Respondent No. 2 (COC) of the Corporate Debtor has submitted that the total admitted secured financial debt of the CD is Rs. 12,012.98 Cr. The average liquidation value of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng failure to maximise the value of the assets of the CD and purportedly not acting in the best interest of all stakeholders is unsubstantiated. 23. It is further submitted that commercial wisdom of the CoC is paramount and cannot be interfered with. It is also submitted that claim of the Appellant has rightly been classified as contingent because it is depending upon the outcome of the pending appeal. 24. Counsel for Respondent No. 3 has submitted that the total claim in respect of the CD admitted by the Respondent No. 1 is Rs. 12723,60,24,563/- out of which the total admitted claim of the financial creditors (secured and unsecured) of the Corporate Debtor is Rs. 12067,57,69,383/-. It is submitted that the liquidation value of the CD as disclosed by the R1 was Rs. 1733 Cr. and the financial offer to the secured financial creditors under the approved resolution plan is Rs. 2500 Cr. with infusion of funds to the tune of Rs. 1102 Cr. It is further submitted that there is no discrimination towards the unsecured financial creditors as well as operational creditors and contingent creditors for NIL amount because the entire amount is to be consumed towards the CIRP costs and the secured ..... X X X X Extracts X X X X X X X X Extracts X X X X
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