Triveni Engicons Pvt. Ltd vs Electrosteel Steels Ltd. & Ors
- CitationCompany Appeal (AT) (Insolvency) No. 265 of 2018
Ratio decidendi
The rule this decision rests on
The order rests on a single line of reasoning: where a resolution plan has already been approved by the Committee of Creditors and the Adjudicating Authority, upheld by this Tribunal in its earlier judgment, and acted upon, the Tribunal will not re-examine individual operational creditors' claims of non-consideration in subsequent connected appeals, and such appeals are dismissed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
S.P. Enterprises ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 421 of 2018
IN THE MATTER OF:
Universal Trading Corporation ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 422 of 2018
IN THE MATTER OF:
N.R. Construction Pvt. Ltd. ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 361 of 2018
IN THE MATTER OF:
Bhandari Cargo Logistics Pvt. Ltd. ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 265, 402, 414, 418, 419, 421, 422, 361, 362, 363 TO 399 of 2018 3
Company Appeal (AT) (Insolvency) No. 362 of 2018
IN THE MATTER OF:
Dey's Steel Fabricator (India) Pvt. Ltd. ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 363 of 2018
IN THE MATTER OF:
Novatech Projects (I) Pvt. Ltd. ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 364 of 2018
IN THE MATTER OF:
Deepak Electricals ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 365 of 2018
IN THE MATTER OF:
Maruti Nandan ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 265, 402, 414, 418, 419, 421, 422, 361, 362, 363 TO 399 of 2018 4
Company Appeal (AT) (Insolvency) No. 396 of 2018
IN THE MATTER OF:
Sanjay Udyog Pvt. Ltd. ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 397 of 2018
IN THE MATTER OF:
Singh Enterprises ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 398 of 2018
IN THE MATTER OF:
Spacetech Equipments & Structural Pvt. Ltd. ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Company Appeal (AT) (Insolvency) No. 399 of 2018
IN THE MATTER OF:
Royal Construction ...Appellant
Versus
Electrosteel Steels Ltd. & Ors. ...Respondents
Present:
Company Appeal (AT) (Insolvency) No. 265, 402, 414, 418, 419, 421, 422, 361, 362, 363 TO 399 of 2018 5
For Appellant(s): Mr. Saurav Gupta and Mr. Divyanshu Rai, Advocates
Mr. N.P.S. Chawla, Mr. Rajendra Beniwal, Mr. Ritoban Sarkar, Mr. Saustubh Prakash, Mr. Gaurav Sethi and Mr. Kapil Gupta, Advocates
Mr. G.P. Madaan and Mr. Ishaan Madaan, Advocates
For Respondents : Mr. Arun Kathpalia, Senior Advocate assisted by Mr. Diwakar Maheshwari, Mr. Aditya V. Singh, Advocates for Respondent No. 1
Mr. Bishwajit Dubey, Ms. Srideepa Bhattacharyya, Advocates for CoC
Ms. Misha, Mr. Vaijayant Paliwal and Ms. Jasveen Kaur, Advocates
ORDER
20.08.2018 These appeals have been preferred by the 'Operational
Creditors' with the grievance that the 'Resolution Plan' submitted by the
'resolution applicant' has not taken proper care of the 'Operational Creditors'.
Learned counsel for the appellants submitted that the minimum amount
prescribed under Section 30(2)(b) of the I&B Code does not mean that the
liquidation value is to be provided to the 'Operational Creditors'. It is also
submitted that the 'Operational Creditors' were not noticed nor heard by the
'Committee of Creditors'.
Mr. Arun Kathpalia, learned Senior Counsel appearing on behalf of the
respondent - successful 'Resolution Applicant' submits that the 'debt' of the
'Operational Creditors' were less than 10% of the total debt and, therefore, no
notice was required to be issued to them in terms of Section 24(3)(c) of the I&B
Code, otherwise, in other cases, where objections were raised by the 'Operational
Company Appeal (AT) (Insolvency) No. 265, 402, 414, 418, 419, 421, 422, 361, 362, 363 TO 399 of 2018 6
Creditors' they were dealt with and considered by the 'Committee of Creditors'.
It is also stated that the 'Operational Creditors' have also not raised the aforesaid
grievance before the Adjudicating Authority after approval of plan by the
'Committee of Creditors'.
The claim of the 'creditors' have already been dealt with by this Appellate
Tribunal in its judgment dated 10th August, 2018 passed in "Company Appeal
(AT)(Insolvency) No. 175 of 2018 and connected appeals". The approval of
'Resolution Plan' submitted by 'Vedanta Ltd.', which was approved by the
'Committee of Creditors', followed by the Adjudicating Authority has been upheld
by this Appellate Tribunal. The 'Resolution Plan' having already been approved
at different levels and already acted upon, we are not inclined to decide individual
claim in these appeals. The appeals are accordingly dismissed. No cost.
[Justice S.J. Mukhopadhaya] Chairperson
[ Justice A.I.S. Cheema ] Member (Judicial)
ns/uk
Company Appeal (AT) (Insolvency) No. 265, 402, 414, 418, 419, 421, 422, 361, 362, 363 TO 399 of 2018
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