Dmi Finance Private Limited vs Chandgi Ram Real Estate Consultants ...

IN THE MATTER OF: DMI Finance Pvt. Ltd. ...Appellant

Versus Chandgi Ram Real Estate Consultants Pvt. Ltd. & ...Respondents Anr.

Present: For Appellant: Mr. Vipul Ganda, Mr. Sumit Chander, Ms. Racheeta Chawla and Guresha Bhamra, Advocates For Respondent: Dr. Farrukh Khan, Mr. Ateendra Singh, Ridhima Goyal, Sanjoy Ghose Sen, Advocates for R1. Mr. Mohit Jolly, Ms. Veenu Drall, Gauri Sharan, Advocates for R-2

With Company Appeal (AT) (Insolvency) No. 73 of 2022

IN THE MATTER OF: Chandgi Ram Real Estate Consultants Pvt. Ltd. ...Appellant

Versus Parveen Bansal, ...Respondent RP of M/s. Abloom Infotech Pvt. Ltd.

Present: For Appellant: Mr. Vipul Ganda, Mr. Sumit Chander, Ms. Racheeta Chawla and Guresha Bhamra, Advocates For Respondent: Dr. Farrukh Khan, Mr. Ateendra Singh, Ridhima Goyal, Sanjoy Ghose Sen, Advocates for R1. Mr. Mohit Jolly, Ms. Veenu Drall, Gauri Sharan, Advocates for R-2 ORDER

(Virtual Mode)

21.07.2022: These two Appeals have been filed against the same Order

dated 01.09.2021 passed in I.A. No. 2435 of 2021 in I.B. 2115/ND/2019. In I.A.

No. 2435 of 2021 filed by M/s. DMI Finance Pvt. Ltd., following is the prayer

made:

"It is therefore, most respectfully submitted that this Hon'ble Tribunal may be pleased to:

a) Allow the present application and direct the Interim Resolution Professional/Resolution Professional to accept the claim of Rs. 16,13,96,119/- (Rupees Sixteen Crore, Thirteen Lacs Ninety-Six Thousand one Hundred Nineteen) filed by the Applicant as Financial Debt and further to classify and categorize the Applicant as a Financial Creditor of the Corporate Debtor;

b) Direct the Respondent to reconstitute the CoC after inculcating the aforementioned claim of the Applicant;

c) Stay the proceedings of CoC of the Corporate Debtor till the final disposal of the present Application;

d) Pass any such order or orders as may be deemed fit and proper in the facts and circumstances of the present matter."

2. The Adjudicating Authority by the Impugned Order by giving the benefit of

the doubt to the Applicant's Security Deposits of Rs. 5,67,18,000/- classified as

Financial Debt. Order is as follows:

Company Appeal (AT) Ins. No. 1079 of 2021, 73 of 2022. "I.A. No. 2435 of 2021

Heard the submissions made by the Ld. Counsels

for both the parties. Ld. Counsel for the RP has expressed

a view that the amount advanced by the applicant have

been used in discharge of certain commercials

obligations. Having regard to the said view this Tribunal

gives the benefit of doubt to the applicant's security

deposit of Rs. 5,67,18,000/- may be classified as

financial debt. The Application stands disposed of. ......"

3. Company Appeal (AT) Ins. No. 73 of 2022 has been filed claiming that

entire claim of the Rs. 16,13,96,119/- be accepted as Financial Debt. Learned

Counsel for the Appellant submits that there were ample materials on record

having relevance on the issue to be considered in the Application which has not

been adverted by the Adjudicating Authority.

4. We have already noticed the reasons and findings given by the

Adjudicating Authority for classifying the Financial Debt. We are of the view that

Adjudicating Authority ought to have looked into the materials on the record and

then returned a finding whether it was financial debt or not.

5. Learned Counsel for the parties submit that the Resolution Plan duly

approved by the Committee of Creditors has already been submitted before the

Adjudicating Authority which is pending for consideration along with the other

Applications and objections pending therein.

Company Appeal (AT) Ins. No. 1079 of 2021, 73 of 2022.

6. We are of the view that the Order dated 01.09.2021 passed in I.A. No.

2435/2021 deserve to be set aside. Hence the Order dated 01.09.2021 is set

aside and the I.A. No. 2435 of 2021 is revived before the Adjudicating Authority

to be considered afresh after hearing the parties. We only observe that I.A. No.

2435 of 2021 may be considered and decided before the Adjudicating Authority

grants approval or disapproval of the Resolution Plan. We make it clear that we

are not expressing any opinion on the merits of the claim of the parties.

Both the Appeals are disposed of, accordingly.

[Justice Ashok Bhushan] Chairperson

[Justice M. Satyanarayana Murthy] Member (Judicial)

[Mr. Barun Mitra] Member (Technical)

Basant/nn

Company Appeal (AT) Ins. No. 1079 of 2021, 73 of 2022.