BNK Power Solution Pvt. Ltd. Vs Rajkumar Poddar & Ors. (NCLAT Delhi)
Summary: The National Company Law Appellate Tribunal, Principal Bench, New Delhi dismissed the appeal filed by BNK Power Solution Pvt. Ltd. against the order of the National Company Law Tribunal, Ahmedabad Bench approving the resolution plan of Vadraj Energy (Gujarat) Ltd. The Appellant, an operational creditor, had originally submitted a claim of Rs.2,53,85,908/- for operational and maintenance services provided to the corporate debtor’s power plants. The Resolution Professional ultimately admitted only Rs.1,13,63,918/-.
The Appellant contended that it had submitted work orders, invoices, attendance sheets and other supporting documents and that its entire claim ought to have been admitted. It also challenged the NIL payment provided to it under the approved resolution plan, contending that the plan contemplated Rs.10 lakh for operational creditors and that there was discrimination between operational and financial creditors. The Appellant further contended that the liquidation value had not been ascertained in accordance with the Insolvency and Bankruptcy Code, 2016 and relied upon State Tax Officer (1) Vs. Rainbow Papers Limited, 2022 SCC OnLine SC 1162.
The Resolution Professional submitted that the Appellant had been informed that only Rs.1,13,63,918/- was admitted and had not challenged the reduction before the Adjudicating Authority. The successful resolution plan was approved by the Committee of Creditors with 100% voting share. The Respondent relied upon Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors., (2020) 8 SCC 531 and Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited, 2021 SCC OnLine SC 313, among other authorities, to contend that the scope of judicial review of an approved resolution plan is limited and that claims cannot be raised at a belated stage after approval of the resolution plan.
