Ebix Singapore Pte. Ltd vs Mahender Kumar Khandelwal

Ebix Singapore Pte Ltd. ....Appellant Vs. Mr. Mahender Kumar Khandelwal, Resolution ...Respondent Professional of Educomp Solutions Ltd. BDO Restructuring Advisory LLP For Appellant: Mr. Arvind Nayar, Senior Advocate with Mr. Aditya Swarup, Ms. Gunjan Jindal, Mr. Rajat Sehgal, Mr. Gautam Swaroop, Mr. Kartikeya Jaiswal, Advocates.

For Respondent: Mr. P. Nagesh, Senior Advocate with Ms. Anisha Mahajan, Mr. Akshay Sharma, Mr. Abhishek Sharma, Ms. Ashly Cherian, Advocates for RP.

ORDER

(Through Virtual Mode)

06.05.2022: Heard Learned Counsel for the Appellant and Learned

Counsel for the Resolution Professional.

2. This Appeal has been filed against the order dated 08.03.2022 passed

by the Adjudicating Authority (National Company Law Tribunal), New Delhi

Bench (Court-II) by which Application I.A-397/2022 filed by the Appellant has

been rejected. In I.A-397/2022, following prayers has been made by the

Appellant:-

"(i) Allow the instant application and pass appropriate directions to the Respondent to supply the information as sought in the Applicant's letter dated 17.12.2021 (and 2

reproduced in paragraph 13 of this Application) forthwith;

(ii) Direct the RP to keep the Resolution Applicant informed, and supply all details and documents pertaining to any material developments concerning the Corporate Debtor on a continuing basis pending approval of the Resolution Plan."

3. In the present case, after commencement of the Corporate Insolvency

Resolution (CIRP) on 30.05.2017, the Appellant submitted his plan on

27.01.2018 on the basis of Information Memorandum as was published by the

Resolution Professional. The plan submitted by the Appellant was approved

by the Committee of Creditors (CoC) on 23.02.2018. The Appellant made an

Application to withdraw the plan which was accepted by the Adjudicating

Authority but ultimately in Appeal, by this Tribunal the order was set aside

which was affirmed by the Hon'ble Supreme Court on 13.09.2021 in the

judgment reported in "Ebix Singapore Pvt Ltd. Vs Committee of Creditors of

Educomp Solutions Ltd. & Anr.- Civil Appeal No. 3224 of 2020 & Ors.". Now,

it is submitted that the Application for approval of the plan has been filed by

the Resolution Professional which is pending consideration before the

Adjudicating Authority.

4. Learned Counsel for the Resolution Professional informed that today

post lunch is the date fixed for consideration of the Application of approval of

the plan.

Comp. App. (AT) (Ins.) No. 507 of 2022 3

5. Learned Counsel for the Appellant submits that although the

submission was noticed by the Adjudicating Authority that some of the

information required by the Appellant are already available on the public

domain but for last 4 years no financial statements have been either filed

before the RoC or available in the public domain or with the stock exchange.

It is submitted that the Appellant, who ultimately in event the plan is approved

has to run the Corporate Debtor, is entitled for all information for his further

steps.

6. Learned Counsel for the Resolution Professional submits that the

financial statement could not be uploaded because of the change of the

Statutory Auditor and after CoC's approval, the information will be uploaded

and provided to all concern.

7. We have considered the submissions of the Learned Counsel for the

parties and perused the record.

8. We are of the view that the Adjudicating Authority has rightly not

entertained the Application on the view that the plan which was submitted by

the Appellant was based on the Information Memorandum as was available

and since the plan approval is engaging attention of the Adjudicating

Authority, no further information need to be provided, we do not find any error

in the order rejecting the Application. We record the statement of the

Resolution Professional that in event, the plan is approved, all necessary

information which is required by the Appellant shall be provided by the

Comp. App. (AT) (Ins.) No. 507 of 2022 4

Resolution Professional to the Appellant which are in possession of the

Resolution Professional.

9. With the aforesaid observations, the Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Shreesha Merla] Member (Technical)

Anjali/nn

Comp. App. (AT) (Ins.) No. 507 of 2022