The appeal arises from an order dated 09.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Special Bench, Court-II) in IA No. 2127/2022 in CP(IB) No.708(ND)/2021. The Adjudicating Authority dismissed an application filed by Edelweiss Asset Reconstruction Company Ltd. (the Appellant/Financial Creditor) against the Interim Resolution Professional (IRP) for their non-inclusion in the Committee of Creditors (CoC) as infructuous. The Appellant claims the Adjudicating Authority did not set aside decisions taken by the CoC regarding the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor.
Edelweiss Asset Reconstruction Company Ltd. (Appellant) filed a claim as a financial creditor in Form C on 21.04.2022. The Corporate Debtor was admitted into CIRP on 31.03.2022 following a Section 9 application by Aadi Best Consortium Private Limited. The IRP made a public announcement on 03.04.2022 with a submission deadline of 15.04.2022. The Appellant sent emails on 13.04.2022 and 16.04.2022 indicating they were filing their claim. The IRP constituted the CoC without including the Appellant. The first CoC meeting was held on 28.04.2022. The Adjudicating Authority dismissed IA No.2127/2022 on 09.05.2022, stating the Appellant had been provisionally accepted on 27.04.2022 and was now a member of the CoC. The Appellant argues the IRP illegally constituted the CoC
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ECL Finance Limited…
Corporate Debtor…
The appeal arises from an order dated 09.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Special Bench, Court-II) in IA No. 2127/2022 in CP(IB) No.708(ND)/2021. The Adjudicating Authority dismissed an application filed by Edelweiss Asset Reconstruction Company Ltd. (the Appellant/Financial Creditor) against the Interim Resolution Professional (IRP) for their non-inclusion in the Committee of Creditors (CoC) as infructuous. The Appellant claims the Adjudicating Authority did not set aside decisions taken by the CoC regarding the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor.
Edelweiss Asset Reconstruction Company Ltd. (Appellant) filed a claim as a financial creditor in Form C on 21.04.2022. The Corporate Debtor was admitted into CIRP on 31.03.2022 following a Section 9 application by Aadi Best Consortium Private Limited. The IRP made a public announcement on 03.04.2022 with a submission deadline of 15.04.2022. The Appellant sent emails on 13.04.2022 and 16.04.2022 indicating they were filing their claim. The IRP constituted the CoC without including the Appellant. The first CoC meeting was held on 28.04.2022. The Adjudicating Authority dismissed IA No.2127/2022 on 09.05.2022, stating the Appellant had been provisionally accepted on 27.04.2022 and was now a member of the CoC. The Appellant argues the IRP illegally constituted the CoC
…ECL Finance Limited…
Corporate Debtor…