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TMI Blog2024 (9) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... ault on the part of the Corporate Debtor is not even questioned, which is an admitted fact. Hence, apart from challenging the order of admission, it is not required to enter into issues sought to be raised by the Appellant that both the Intervenors are related party and their claims have wrongly been admitted. The issue regarding they being related party and their claims have wrongly been included, are issues, which need to be raised by the Appellant before the Adjudicating Authority by filing appropriate application under Section 60, sub-section (5) of the IBC. The ends of justice will be served in giving liberty to the Appellant to file an appropriate application before the Adjudicating Authority, questioning the admission of claim of M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Vinod C. , Advocate for IRP JUDGMENT ASHOK BHUSHAN , J. This Appeal by the suspended Director of the Corporate Debtor Proplarity Infrastructure Pvt. Ltd. has been filed challenging the order dated 03.07.2024 passed by National Company Law Tribunal, New Delhi, Principal Bench admitting Section 7 Application filed by the Financial Creditors (Respondent Nos.1 to 4 herein). The Appellant aggrieved by the order has come up in this appeal. 2. Brief facts necessary to be noticed for deciding the Appeal are: (i) Respondent Nos.1 to 4 claiming to be Financial Creditors of the Corporate Debtor alleging that as per Loan Agreement dated 13.10.2016, total amount due and in default is Rs.10,21,07,880/-, filed Application under Section 7 of the Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 4 applicants and one other person who has filed the Section 7 application but the RP has admitted two persons as Members of CoC who according to the appellant are related party. The said submission is opposed by one of the CoC Members who seeks liberty to file an application for impleadment. Let the application for impleadment be filed by tomorrow. List on 05.08.2024. In the meantime, meeting of CoC be adjourned after 05.08.2024. 4. IA No.5734 of 2024 has been filed by M/s Creta Infrastructure Pvt. Ltd. and IA No.5505 of 2024 has been filed by M/s Proplarity Infratech Pvt. Ltd., seeking impleadment in the Appeal. The Appellant has filed reply to both the IAs. We permit the Applicants to intervene in the Appeal. 5. We have heard Shri Abhis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies, cannot become part of the CoC. The learned Counsel for the Appellant has submitted that M/s Proplarity Infratech Pvt. Ltd. has filed return on 31.05.2016, where it was declared that Corporate Debtor was a related party. It is submitted that Corporate Debtor did not file any return after 21.03.2018. As per the balance sheet of the Corporate Debtor, M/s Proplarity Infratech Pvt. Ltd. is holding 1,40,000 shares, i.e. 93.33%. 7. Learned Counsel appearing for the Intervenor, M/s Certa Infrastructure Pvt. Ltd. submits that the Intervenor is in no manner related to the Corporate Debtor. The Intervenor has advanced unsecured loan to the Corporate Debtor of Rs.2,12,00,000/- and the Corporate Debtor, in the last balance sheet of the year 2018 ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port of the constitution of the CoC has been submitted by the IRP before the Adjudicating Authority on 25.07.2024. Both the intervenors being Member of the CoC, the claim of settlement by Appellant, cannot be accepted. The IRP has never been informed of any settlement by the Appellant. 10. We have considered the submissions of learned Counsel for the parties and have perused the records. 11. There is no dispute between the parties that after initiation of CIRP on 03.07.2024, publication was made on 12.07.2024 inviting claims. The IRP constituted the CoC on 25.07.2024 and submitted Report on 26.07.2024. In the affidavit which has been filed by the IRP in this Appeal, the IRP has brought on the record the report submitted by him before the Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be raised by the Appellant before the Adjudicating Authority by filing appropriate application under Section 60, sub-section (5) of the IBC. We, thus, are of the view that the ends of justice will be served in giving liberty to the Appellant to file an appropriate application before the Adjudicating Authority, questioning the admission of claim of M/s Certa Infrastructure Pvt. Ltd. and M/s Proplarity Infratech Pvt. Ltd., including the challenge to their inclusion in the CoC, which issues need to be decided by Adjudicating Authority after hearing the parties. 14. Learned Counsel for the Appellant has expressed apprehension that disposal of the application may take time and, in the meantime, IRP may proceed to conclude the CIRP to the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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