Being a tenant, does not have no locus standi under Sec. 47(1) of the Code to seek any direction against the Liquidator as regards alleged undervalued sale transaction- D & I Taxcon Services Private Limited vs. Mr. Vinod Kumar Kothari- NCLAT
NCLAT held that claim of compensation in its capacity as tenant is incompatible with its lately projected claim of being an operational creditor qua the Corporate Debtor. Both stands can’t co-exist. Without having a locus, the Appellant has been interfering with the process of liquidation and thwarting the liquidation process which ultimately will have deleterious effect on the rights of those who are found entitled to the benefit of the distribution of sale proceeds of liquidation proceedings. The role played by the Appellant, as the chequered history of the case unfurls, is unwarranted. Re-agitating the same matter time and again in different rounds and lately under self-assumed status of being an operational creditor clearly at variance with the Appellant’s admitted status as tenant of ‘Nicco House’. We are convinced that the appeal is frivolous and devoid of any merit.
