# In the matter of Concept Management Consulting Ltd. Vs. VS Anand Chandra Swain & Anr. CA(AT)(Insolvency) No. 392 & 393 -2019

> NCLAT judgment dated 2019-05-22. Citation: TCN-2019-NCLAT-00538. This is a Company Appeal (AT) (Insolvency) No.392-393 of 2019 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 22 May 2019
- **Citation:** TCN-2019-NCLAT-00538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/concept-management-consulting-ltd-vs-vs-anand-chandra-swain-anr-ca-01b69808

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No.392-393 of 2019 before the National Company Law Appellate Tribunal, New Delhi. The appellant, Concept Management Consulting Ltd., challenged orders dated January 8, 2019, and January 23, 2019, passed by the Adjudicating Authority (NCLT Kolkata Bench). The initial order appointed Shri Kailash Kumar Rathi as liquidator, but he later expressed unwillingness, leading to the appointment of Mr. Chaitanya Kumar Ray as liquidator.

## Facts

Concept Management Consulting Ltd., the Appellant, is a 'Financial Creditor' who filed a claim before the Interim Resolution Professional, but the claim was not admitted. The Appellant challenged orders dated January 8, 2019, and January 23, 2019, passed by the Adjudicating Authority (NCLT Kolkata Bench) which initiated liquidation and appointed liquidators. Shri Kailash Kumar Rathi was initially appointed as liquidator but later expressed unwillingness, leading to the appointment of Mr. Chaitanya Kumar Ray. The Appellant did not file an application under Section 60(5) against the Interim Resolution Professional's decision to reject the claim. The liquidation process is underway, and the liquidator is required to verify all claims of the creditors. The Appellant has

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## Issues and analysis

### Issue 1: Whether the Appellant's claim as a 'Financial Creditor' was correctly rejected by the Interim …

**Ratio:** The ratio is that a creditor aggrieved by the decision of the Interim Resolution

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**Reasoning:** The court reasoned that the Appellant had not filed an application under Section 60(5)

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**Interpretation:** This highlights the importance of adhering to the statutory framework and

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**Application:** In this specific case, the Appellant's failure to file an application under

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Concept Management…
- **Respondents:** Anand Chandra…
- **Advocates:** K.K. P…; Abhishek…; +1 more

## Timeline

- **2019-01-08 — Order by Adjudicating…**: The Adjudicating Authority (NCLT Kolkata Bench) passed an order appointing Shri Kailash…
- **2019-01-23 — Subsequent Order by…**: Due to Shri Kailash Kumar Rathi's unwillingness, the Adjudicating Authority appointed Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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