Pankaj Dayaprasad Tiwari and Anr. Vs. Sunil Gajanan Nanal Liquidator of Supertharrm Engineers Pvt. Ltd. and Anr. – NCLAT New Delhi
The present is a case where the Appellants – Promoters of the Corporate Debtor have undertaken to liquidate the entire debt of the Financial Creditor, who is the only Financial Creditor consisting of 100% CoC. It is relevant to notice that there are no other creditors of the Corporate Debtor. It is also relevant to notice that Appellant is making efforts from very beginning to revive the Corporate Debtor. The Appellant’s case is that it is the Appellant, who has been bearing the expenses for Corporate Debtor being run as a going concern and an amount of Rs.40 lakhs have been spent by the Promoter themselves to keep the Corporate Debtor as a going concern. When the Appellant is ready to liquidate the entire debt of the Financial Creditor/, we see no reason to deny an opportunity to revive the Corporate Debtor on its feet. There is no doubt that Financial Creditor is entitled to entire debt and it cannot be directed to take any haircut. The present is a case where the Appellant has undertaken to clear the entire claim, which was admitted in the CIRP.