NCLT directs class of Financial Creditors/Homebuyers to present on next hearing since they are not co-operating – Vemuri Ravi Kumar Vs. Bhrigu Infra Pvt. Ltd. – NCLT Hyderabad Bench
CoC comprises of 7 real estate allotees, and so far there are no operational creditors. The Adjudicating Authority held that appointing an authorised representative on behalf of majority of the Class of financial creditor would be an additional burden and results in increasing the CIRP costs. At the same time the interest of justice would be served by allowing all the 7 class of financial creditors to form part of the CoC. Therefore, in view of the peculiar facts and circumstances we direct the IRP to proceed with the representation of all the 7 financial creditors instead of they being represented by authorized representative.
Further, it held that since it is represented by Learned Counsel for IRP that class of financial creditors are not co-operating, let the Class of Financial Creditors be present on the next hearing.
