SP Probuild LLP Vs Rabindra Kumar Mintri & Ors (NCLAT Delhi)
Three appeals were filed against the National Company Law Tribunal (NCLT), New Delhi’s order on 05.03.2024 concerning various applications (IA Nos. 2518/2021, 3615/2022, and 4172/2022). The NCLT’s order directed the resubmission of a resolution plan to the Committee of Creditors (CoC), including consideration of certain claims.
Key Points:
Resolution Plan Approval and Objections:
- IA No. 2518/2021: Resolution Professional (RP) sought approval of a resolution plan for Today Homes Noida Private Limited.
- IA Nos. 3615/2022 and 4172/2022: Filed by NOIDA, objecting to the resolution plan and seeking payments for outstanding dues.
Supreme Court Judgment: NOIDA cited a Supreme Court decision (Greater Noida Industrial Development Authority Vs. Prabhjit Singh Soni & Ors.) which influenced the NCLT’s decision. The Supreme Court found the initial resolution plan non-compliant with Section 30(2) of the Insolvency and Bankruptcy Code (IBC) and related regulations. Key issues included misclassification of NOIDA’s claim and failure to treat it as a secured creditor.
NCLT’s Directives: The NCLT directed the CoC to resubmit the resolution plan after addressing NOIDA’s secured creditor status and ensuring necessary statutory approvals.
Appeal Points:
- SP Probuild LLP and other appellants argued that the original plan’s rejection should allow reconsideration of their claims, which were previously dismissed as time-barred due to the plan’s prior approval.
- The NCLT ordered the RP to include all valid claims in the resolution plan, even if submitted late, provided they were reflected in the corporate debtor’s records.
Pending Applications: Applications IA Nos. 4815/2023, 5923/2023, and 4906/2023, related to claims by appellants, were directed to be listed for hearing on 30.04.2024.
