The case involves an appeal against an order dated 24th June 2019, passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in I.A. No. 236/2019 in C.P. (IB) No.-190/NCLT/AHM/2018. The NCLT had allowed IA 236/2019 filed by the Resolution Professional of the 'Corporate Debtor', Korba West Power Company Limited, seeking approval of the ‘Resolution Plan’. The Appellant, Shapporji Pallonji and Co. Pvt. Ltd., challenged this approval, arguing that their claim was rejected unfairly and without proper communication, despite pending arbitration proceedings.
Shapporji Pallonji and Co. Pvt. Ltd. (Appellant) had ongoing arbitration proceedings with Korba West Power Company Limited (Corporate Debtor) before the Corporate Insolvency Resolution Process (CIRP) was initiated by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Appellant submitted a claim of Rs.45,22,52,428/- in ‘Form-B' to the Resolution Professional (RP). The RP did not provide written communication regarding the status of the claim but uploaded the information on the Corporate Debtor's website. The Appellant argued that they were not properly informed of the rejection of their claim and that the RP lacked adjudicatory powers to reject claims. The Resolution Plan was approved on 24.06.2019. The Appellant filed an
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The case involves an appeal against an order dated 24th June 2019, passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in I.A. No. 236/2019 in C.P. (IB) No.-190/NCLT/AHM/2018. The NCLT had allowed IA 236/2019 filed by the Resolution Professional of the 'Corporate Debtor', Korba West Power Company Limited, seeking approval of the ‘Resolution Plan’. The Appellant, Shapporji Pallonji and Co. Pvt. Ltd., challenged this approval, arguing that their claim was rejected unfairly and without proper communication, despite pending arbitration proceedings.
Shapporji Pallonji and Co. Pvt. Ltd. (Appellant) had ongoing arbitration proceedings with Korba West Power Company Limited (Corporate Debtor) before the Corporate Insolvency Resolution Process (CIRP) was initiated by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Appellant submitted a claim of Rs.45,22,52,428/- in ‘Form-B' to the Resolution Professional (RP). The RP did not provide written communication regarding the status of the claim but uploaded the information on the Corporate Debtor's website. The Appellant argued that they were not properly informed of the rejection of their claim and that the RP lacked adjudicatory powers to reject claims. The Resolution Plan was approved on 24.06.2019. The Appellant filed an
…The Adjudicating Authority imposed a…
The Resolution…