Ifci Ltd vs Yogesh Gupta Liquidator Of Kohinoor ...

IN THE MATTER OF: IFCI Ltd. ...Appellant Versus Mr. Yogesh Gupta, Liquidator of Kohinoor Power Pvt. Ltd. ...Respondent

Present: For Appellant : Ms. Purti Marwaha and Ms. Henna George, Advocates

ORDER

(Through Virtual Mode)

18.09.2020 After hearing Ms. Purti Marwaha, Advocate representing the

Appellant we find that the impugned order has been passed with a direction to

the Appellant to deposit that part of the amount to be contributed by it in

accordance with its voting share already determined by the Resolution

Professional in an interest bearing account of the Corporate Debtor in the name

of the Liquidator where it shall remain parked until disposal of the interim

applications filed by the Liquidator disputing the inclusion of Appellant in

'Committee of Creditors' of the CD. This direction appears to have emanated

from the Adjudicating Authority after he noticed that IFCI's inclusion as a

member in the 'Committee of Creditors' was disputed by the remaining financial

creditors. There can be no dispute with the preposition that in the wake of the

dispute regarding inclusion of the Appellant in the 'Committee of Creditors', the

Appellant was required to contribute its share towards the CIRP and Liquidation

cost and the amount in terms of the direction was to be kept in an interest

bearing account which would be subject to the outcome of the interim

application. No fault can be found with the same. We accordingly dispose of the -2-

appeal with direction to the Adjudicating Authority to dispose of the interim

application wherein the inclusion of the Appellant in 'Committee of Creditors' of

CD is disputed with expedition. The Adjudicating Authority would do well to

accord top priority to the matter and dispose of such application expeditiously

preferably within ten days.

The appeal stands disposed off.

[ Justice Bansi Lal Bhat ] Acting Chairperson

[ Justice Anant Bijay Singh ] Member (Judicial)

[ Dr. Ashok Kumar Mishra ] Member (Technical)

/ns/md/

Comp. App. (AT) (Insolvency) No. 795 of 2020