Committee of Creditors of Jupitar Spun Pipes & Casting Pvt. Ltd. Vs Bihar State Industrial Development Corporation Ltd. & Ors. (NCLAT Delhi)
NCLAT Delhi held that order of Adjudicating Authority refusing approval of resolution plan justified since deed claimed by Corporate Debtor is doubtful and questionable and accordingly, asset cannot be treated as asset of Corporate Debtor.
Facts- These Appeal(s) have been filed challenging the same order dated 14.03.2024 passed by National Company Law Tribunal, Division Bench, Court No.II, Kolkata in IA (IB) No.1345/KB/2022, Intervention Petition (IBC) No.21/KB/2022; Intervention Petition (IBC) No.15/KB/2022; Intervention Petition (IBC) No.23/KB/2022; and I.A. (IB) No.923/KB/2022 in C.P. (IB) No.1782/KB/2019. The Adjudicating Authority disposed of all IAs by the said order. Aggrieved by which order these two sets of Appeal(s), one by Committee of Creditors of Jupitar Spun Pipes and Casting Pvt. Ltd. and other by Resolution Professional of Jupitar Spun Pipes and Casting Pvt. Ltd. of the CD have been filed.
Conclusion- It is well settled that fraud and forgery are issues, which require evidence to be taken for returning any finding of fraud and forgery. The Adjudicating Authority conducts the IBC proceedings in accordance with the IBC and CIRP Regulations and it cannot act as a Civil Court to enter into issues of fraud and forgery, take evidence and return any findings. However, whether an asset, which is claimed by the CD is asset of the CD, is a question, which needs to be considered and answered by the Adjudicating Authority and Adjudicating Authority has ample jurisdiction to decide the issue whether the particular asset, which is claimed by the CD as its asset can be treated to be asset of the CD or not.
