Peanence Commercial Private Limited Vs Rolta Private Limited (NCLAT Delhi)
The case of Peanence Commercial Private Limited vs. Rolta Private Limited revolves around the complexities of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) of India. This case was heard by the National Company Law Appellate Tribunal (NCLAT) in Delhi, following an appeal against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I.
Case Background: CIRP was initiated against the Corporate Debtor, Rolta India Limited, by an order dated 19.01.2023. Rolta Private Limited filed a claim amounting to Rs. 634,55,43,228/- which was admitted by the Resolution Professional. However, due to its status as a related party to the Corporate Debtor, Rolta Private Limited was not allowed to participate, represent, or vote in the Committee of Creditors (CoC). On 15.01.2024, Rolta Private Limited entered into a Memorandum of Understanding (MoU) with Peanence Commercial Private Limited to assign the debt for a one-time consideration of Rs. 50 crores on an “as is where is” basis. Rolta Private Limited sought approval for this assignment from the Resolution Professional on 06.02.2024. The Resolution Professional responded, stating that he lacked the authority to approve such an assignment and reiterated this position in subsequent communications. Aggrieved by the Resolution Professional’s refusal, Rolta Private Limited and Peanence Commercial Private Limited filed I.A. 724 of 2024, which was dismissed by the NCLT on 24.04.2024. This dismissal led to the present appeal.
