# In the matter of International Asset Reconstruction Company Pvt Ltd. Vs. The Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) & Ors. CA(AT)(Insolvency) 763-2019

> NCLAT judgment dated 2019-07-26. Citation: TCN-2019-NCLAT-00411. The appeal was filed by a financial creditor, International Asset Reconstruction Company Pvt.…

- **Court:** NCLAT
- **Order date:** 26 Jul 2019
- **Citation:** TCN-2019-NCLAT-00411
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/international-asset-reconstruction-company-pvt-ltd-vs-the-administrator-of-the-s-0dd418fa

## Summary

### Background

The appeal was filed by a financial creditor, International Asset Reconstruction Company Pvt. Ltd., against the order of the Adjudicating Authority which admitted a claim filed by the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) after the approval of the plan by the Committee of Creditors. The appellant's grievance was regarding the admission of the claim.

## Facts

International Asset Reconstruction Company Pvt. Ltd., a financial creditor, filed an appeal against the Adjudicating Authority's decision to admit a claim filed by the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI). The claim was admitted after the Committee of Creditors had already approved the resolution plan. The appellant argued that the Adjudicating Authority should not have admitted the claim. The Administrator of SUUTI represents a number of investors. The court considered Section 60(5) of the Insolvency & Bankruptcy Code, 2016, to determine whether the Adjudicating Authority had the jurisdiction to entertain the claim.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the jurisdiction to decide on claims filed by entities like …

**Ratio:** The Adjudicating Authority has the power to decide on claims under Section 60(5) of the

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**Reasoning:** The court reasoned that if it is brought to the notice of the Adjudicating Authority that

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**Interpretation:** Section 60(5) of the Insolvency & Bankruptcy Code, 2016, is interpreted to

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**Application:** The court applied this ratio to the specific facts, noting that the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +2 more
- **Appellants:** International…
- **Respondents:** The Administrator…

## Timeline

- **2019-07-26 — Appellant's G…**: The Appellant, a Financial Creditor, grieved the Adjudicating Authority's admission of a…
- **2019-07-05 — Appeal Dis…**: The court dismissed the appeal, finding no reason to interfere with the Adjudicating…

## 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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