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Till the resolution plan is approved by the Adjudicating Authority no part of the plan can be given to the Operational Creditor on his application – Pakhi Infra and Ors. Vs. Jabalpur MSW Pvt. Ltd. – NCLAT New Delhi

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Till the resolution plan is approved by the Adjudicating Authority no part of the plan can be given to the Operational Creditor on his application – Pakhi Infra and Ors. Vs. Jabalpur MSW Pvt. Ltd. – NCLAT New Delhi Read Post »

No basis to contend that Income Tax Department is Secured Operational Creditor – Income Tax Department Vs. Mr. G. Madhusudhan Rao RP of Midland Polymers Ltd. & Anr. – NCLAT New Delhi

In this case, the amount of Rs.5 lakhs was allocated and the nature of claim of Income Tax Department was mentioned as contingent liability. As appeal was pending against the assessment order.
Hon’ble NCLAT New Delhi held that:
(i) It is not shown that the amount of Rs.5 lakh is below the amount which the Appellant was entitled in the event of liquidation of the Corporate Debtor.
(ii) Insofar as judgment of the Hon’ble Supreme Court is concerned, we are of the view that in ‘Rainbow Papers Ltd. (2022) ibclaw.in 107 SC, the Operational Creditor was held to be secured creditor on the basis of relevant statutory provisions whereas there is no basis to contend that the Appellant is secured operational creditor.

No basis to contend that Income Tax Department is Secured Operational Creditor – Income Tax Department Vs. Mr. G. Madhusudhan Rao RP of Midland Polymers Ltd. & Anr. – NCLAT New Delhi Read Post »

Adjudicating Authority cannot reverse the decision of Liquidator supported by Stakeholders Consultation Committee(SCC) to avail “Vivad Se Vishwas-II (Contractual Disputes) Scheme”, launched by Department of Expenditure, Ministry of Finance – Sanjeev Kumar Mishra Vs. Nirmal Kumar Agarwal, Liquidator of Abhijeet Hazaribagh Toll Road Ltd. – NCLT Kolkata Bench

In this case, the IA was preferred an Operational Creditor challenging the propriety of the decision taken by Stakeholders Consultation Committee to seek benefit of Vivad Se Vishwas-II (Contractual Disputes) Scheme.

NCLT Kolkata Bench held that it is almost trite, axiomatic and settled law that Adjudicating Authority cannot act as a Court of equity or exercise plenary powers to unilaterally reverse the decision of the Liquidator based on commercial wisdom and supported by the stakeholders. That apart the Applicant being an Operational Creditor, with claim worth four lakhs should not be allowed to oppose the move or question the wisdom of the Stakeholders Consultation Committee Members.

Adjudicating Authority cannot reverse the decision of Liquidator supported by Stakeholders Consultation Committee(SCC) to avail “Vivad Se Vishwas-II (Contractual Disputes) Scheme”, launched by Department of Expenditure, Ministry of Finance – Sanjeev Kumar Mishra Vs. Nirmal Kumar Agarwal, Liquidator of Abhijeet Hazaribagh Toll Road Ltd. – NCLT Kolkata Bench Read Post »

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