Case Law Details
P.M. Cold Storage Pvt. Ltd. Vs Goouksheer Farm Fresh Pvt. Ltd. (NCLAT Delhi)
Held that the voting share in the CoC is extremely relevant and important element in the CIRP. Resolution Professional needs to verify and scrutinize the documents submitted with Form C before admitting/ accepting claim of financial creditors.
Facts-
After initiation of CIRP consequent to the order by the Adjudicating Authority in C.P (IB) No. 1582/KB/2019, a Committee of Creditors (CoC) was constituted by the Interim Resolution Professional (IRP) with the Appellant as the sole financial creditor in the CoC with 100% voting rights. As per the first CoC meeting took place on 8.1.2020, IRP informed the CoC that the claim of the Appellant as financial creditor was the only claim received upto 26.12.2019 amounting to Rs.65,80,505.00. The sole financial creditor requested for an urgent meeting of the CoC vide e-mail dated 23.1.2020 regarding the expenses and appointment of professionals done in the previously held CoC meeting and not being satisfied with the projected expenses, he filed IA 392/KB/2020 on 13.2.2020 for replacement of RP. The appellant was later informed by the Resolution Professional in the 4th CoC meeting held on 11.3.2020 that the CoC had been reconstituted, with the admission of claim of another financial creditor New Hind Silk House Pvt. Ltd. (in short ‘NHSH’) and its inclusion in the CoC with admitted claim of Rs. 1,96,63,603.00 and with this addition of the second financial creditor, the voting share of the Appellant was reduced to 25.07% from 100% in the CoC.
The Appellant has further stated that the claim filed by NHSH was suspicious because of various discrepancies in the documents filed with Form C. He has also stated that the IRP being aggrieved by the action of the Appellant by filing IA No. 392/KB/2020 for his replacement went on to admit this doubtful claim of NHSH to the detriment of the Appellant, and aggrieved by this action of the RP, he filed IA (IB) No. NIL/KB/2020, which was dismissed by the Impugned Order dated 17.6.2020, whereupon aggrieved by this order, the appellant has preferred this appeal.
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