# In the matter of Edelweiss Asset Reconstruction Company Ltd. Vs. Mohit Goyal, Company Appeal (AT)(Ins) No.583 of 2022

> NCLAT judgment dated 2022-11-10. Citation: TCN-2022-NCLAT-00114. The appeal arises from an order dated 09.05.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 10 Nov 2022
- **Citation:** TCN-2022-NCLAT-00114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/edelweiss-asset-reconstruction-company-ltd-vs-mohit-goyal-company-appeal-e63dd32c

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the decision of the IRP to constitute the CoC without including the Appellant and holding …

**Ratio:** Section 21(1) of the IBC read with Regulation 17 of the CIRP Regulations mandates that

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**Reasoning:** The court found that the IRP was aware that the Appellant had submitted a claim and was

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**Interpretation:** The court interpreted Section 21 of the IBC and Regulation 17 of the CIRP

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**Application:** The court applied the ratio to the facts of the case and found that the IRP had

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Edelweiss Asset…
- **Respondents:** Mohit G…
- **Advocates:** Krishnan Ve…; K. Mi…; +7 more

## Timeline

- **2021-12-31 — Assignmen…**: ECL Finance Limited assigned a project term…
- **2022-03-31 — CIRP Commen…**: Corporate Debtor admitted into CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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