Case Law Details
Mr Rajnish Jain Vs Manoj Kumar Singh – I.R.P. (NCLAT, Delhi)
Resolution Professional or Committee of Creditors cannot reclassify status of a creditor from Financial to Operational Creditor
NCLAT held that during CIRP, the IRP is authorised to collate the claims, and based on that he is empowered to constitute the Committee of Creditors. We hold that the Resolution Professional may add to existing claims of claimants already received, or admit or reject further Claims and update list of Creditors. But after categorisation of a claim by the IRP/Resolution Professional we hold that they cannot change the status of a Creditor. For example, if the Resolution Professional has accepted a claim as a Financial Debt and Creditor as a Financial Creditor, then he cannot review or change that position in the name of updation of Claim. It is also to be clarified that while updating list of Claims the Resolution Professional, can accept or reject claims which are further received and update list.
Based on the above discussion, we are of the considered opinion that the decision of the Adjudicating Authority to treat BVN Traders as a ‘Financial Creditor’ needs no interference, and thus, Appeal is disposed of with Reasons, Findings and Directions as recorded in this judgment. No orders as to costs.
FULL TEXT OF ORDER OF NATIONAL COMPANY LAW APPELLATE TRIBUNAL
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do a fc can assign his debt to another outisder let say a nbfc when already coc has approved the plan and submitted to NCLT for approval?