15crore claim approved by Nclt and appeal dismissed. IN THE NATIONAL COMPANY LAW TRIBUNAL, SINGLE BENCH, CHENNΑΙ MA/518/2018 in CP/540/IB/2018 filed under Section 60 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of National Company Law Tribunal Rules, 2016 In the matter of M/s. PRC International Hotels Private Limited S. Mukanchand Bothra (Deceased) and 3 Ors.

[31/08, 12:35] Sekarreporter: 15crore claim approved by Nclt and appeal dismissed.
[31/08, 12:35] Sekarreporter: IN THE NATIONAL COMPANY LAW TRIBUNAL, SINGLE BENCH, CHENNΑΙ

MA/518/2018 in CP/540/IB/2018 filed under Section 60 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of National Company Law Tribunal Rules, 2016

In the matter of M/s. PRC International Hotels Private Limited

S. Mukanchand Bothra (Deceased) and 3 Ors.

Applicants

Mr. S. Rajendran

-VS

Respondent/Resolution Professional

Order delivered on 2nd July, 2019

CORAM:

CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL)

For Applicants: Mr. Gagan Bothra

For RP : M. Savitha Devi and R.V Yajvra Devi, Counsels

ORDER

CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL)

1. Under adjudication is MA/518/2018 in CP/540/(IB)(CB)/2018 originally filed by the Applicant viz. Mr. S. Mukanchand Bothra, against the rejection of his
[31/08, 12:35] Sekarreporter: (Civil) No. 99 of 2018, titled Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors., wherein, the Hon’ble Apex Court has held that the Resolution Professional has no adjudicatory power. The Resolution Professional has to vet and verify claims made, and ultimately, determine the amount of each claim.

28. In the light of the facts, circumstances and the legal positions noted above, the Applicants are held entitled to their claim to the tune of Rs. 15,00,00,000/- (15 Crores) as financial debt. Therefore, the letters dated 17.09.2018, and 27.04.2019 issued by the Resolution Professional(s) rejecting the claim, are declared as null and void and set aside. Accordingly, the claim of the Applicants/Financial Creditors to the tune of Rs. 15,00,00,000 (15crores) stands admitted.

29. This authority takes judicial notice that during the pendency of this Application, the Resolution Plan came to be approved by the CoC, which has been filed before this authority under Section 30(6) read with Section 31(1) of the 28
[31/08, 12:35] Sekarreporter: IBC, 2016. In view of this order, the Resolution Professional is directed as follows:-

a). to treat the Applicants at par with other unsecured financial creditors and make the appropriate provision for payment to which they are entitled, in consultation with the CoC and the Resolution Applicant, and file the supplementary affidavit to that effect before this authority, or

b). to withdraw the Resolution Plan and constitute the CoC afresh to get the Resolution Plan(s) approved with suitable modifications, as may be required.

30. In terms of the above, the Application MA/518/2018 stands disposed of. There is no order as to costs.

31. The order is pronounced in open court.

-SD

(CH. MOHD SHARIEF TARIQ) MEMBER/(JUDICIAL)

/VISHNU/

29