CNH Industries (India) Private Limited Vs SREI Equipment Finance Limited & Anr (NCLAT Delhi)
NCLAT Delhi held that Form-B under CIRP Regulations, 2016 contemplates specifically permits set-off mutual credit, mutual debts, or mutual dealings between the Corporate Debtor and Creditor. Accordingly, appeal disposed of.
Facts- This Appeal has been filed by the Appellant Operational Creditor of the Corporate Debtor– SREI Infrastructure Finance Ltd. challenging the order dated 11.08.2023 passed by National Company Law Tribunal, Kolkata Bench, Court-1, deciding various applications, including the application filed by the RP – I.A. (IB) No.428/KB/2023 in C.P. (IB) No.294/KB/2021 approving the Resolution Plan. In I.A. (IB) No.428/KB/2023. The Appellant in the Resolution Plan has been proposed Nil payment. Aggrieved by the said order, this Appeal has been filed.
Conclusion- We have already extracted Form-B under the CIRP Regulations, 2016 Column-8, which contemplated mutual credit, mutual debts or other mutual dealings between the CD and the creditor, WHICH MAY BE SET OFF AGAINST THE CLAIM. Thus, statutory Form itself contemplates mutual credits, mutual debts or other mutual dealings between the CD and the creditor. We, at this stage, need to hasten to add that Column-8 does not contemplate any disputed mutual credit, mutual debts or other mutual dealings between the CD, nor any disputed issue, may be unilaterally dealt by a creditor. What is contemplated in Column-8 is admitted mutual credit, mutual debts or other mutual dealings.
