We have heard learned counsel for the parties.
The limited issue in this appeal is about the claim
of the appellant not being reflected under the heading
‘Claims of Operational Creditors’ in the Information
Memorandum prepared by the Resolution Professional.
The Adjudicating Authority and the Appellate Tribunal
have taken a view that the appellant’s claim is already
noted in Information Memorandum under the title, ‘List of
Other Creditor Claims (excluding Related Party Claims and
Employees and Workmen Claims) as on 17th July, 2019’. No
grievance has been made by the appellant that the figure
noted therein is incorrect.
According to the appellant, the claim amount should
Operational Creditors’. We do not agree with this
submission.
It is not in dispute that the claim of the appellant
is still pending adjudication before the Arbitrator and
it has been, therefore, rightly described in the
memorandum as other creditor claims (claims under
adjudication).
The purpose of memorandum is only to provide relevant
information regarding the financial position of the
company in question. It is not about deciding the claim
or disregarding the claim amount, if it exists in law.
The Resolution Professional has no authority/power to
accept or disallow the claims. The appellant’s claim
would not get extinguished unless it is adjudicated upon
by a competent forum or by operation of law.
Suffice it to observe that the claim of the appellant
has been taken note of in the information memorandum and
does not get extinguished as such; but it will be subject
to adjudication by the Arbitrator. Since it is part of
the memorandum, it is obvious that the resolution
applicant would take the same into account while
submitting his proposal, due notice whereof will be taken
by the committee of creditors as well, and dealt with
appropriately in the final resolution plan.
In the event, the appellant has any grievance about
the nature or manner of provision made in the final
resolution plan qua its claim; and if aggrieved with the
final resolution plan, may take recourse to appropriate
remedy as per law.
All contentions available to the appellant in that
regard are left open while once again making it clear
that the claim of the appellant has not been treated as
extinguished.
In view of the above, the civil appeal is disposed
of.
As the appeal is disposed of, the interim order
passed earlier stands vacated.
As a result of which, we expect the concerned
authorities to expedite the process of resolution.
Pending applications, if any, stand disposed of.
(B.R. GAVAI)
(HRISHIKESH ROY) New Delhi November 16, 2020
ITEM NO.2 Court 4 (Video Conferencing) SECTION XVII
Civil Appeal No(s). 2798/2020
NTPC LTD. (SIMHADRI PROJECT) Appellant(s)
RAJIV CHAKRABORTY Respondent(s)
Date : 16-11-2020 These matters were called on for hearing today.
CORAM :
For Appellant(s)
Mr. Tushar Mehta, S.G.
Mr. Adarsh Tripathi, Adv.
Mr. Gaurav, AOR
For Respondent(s)
Mr. C.U. Singh, Sr. Adv.
Ms. Vanita Bhargava, AOR
Mr. Ajay Bhargava, Adv.
Mr. Siddharth Srivastava, Adv.
Mr. Mohit Kishore, Adv.
Ms. Warmika Trehan, Adv.
Mr. Shivank Diddi, Adv.
UPON hearing the counsel the Court made the following
The Civil Appeal is disposed of in terms of the signed order.
Pending applications, if any, stand disposed of.
[Signed order is placed on the file]