If promoters are aggrieved on valuation of assets, treatment of Secured/unsecured creditors etc., the course open for the promoters are to approach Adjudicating Authority at the relevant time for challenging – Rohit Jindal Vs. Fanendra Harakchand Munot RP of Shree Siddhi Vinayak Ispat Pvt. Ltd. & Ors. – NCLAT New Delhi
NCLAT held that the promoters if they were aggrieved by the valuation taken by the IRP/RP and the valuation received before the CoC, the course open for the promoters was to approach the Adjudicating Authority questioning the valuation at the relevant time when the question could have been gone into and examined before Form-G was issued and Form-H has been submitted by the Resolution Professional on the basis of the valuation undertaken in the process. At this stage, appellant cannot be allowed to raise the question of valuation.
