# In the matter of Smt. Anamika Singh and Ors. Vs. Shinhan Bank and Ors. CA(AT)(Ins)912-913 of 2019

> NCLAT judgment dated 2020-06-24. Citation: TCN-2020-NCLAT-00207. The appeal was filed against an order passed by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 24 Jun 2020
- **Citation:** TCN-2020-NCLAT-00207
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/smt-anamika-singh-and-ors-vs-shinhan-bank-and-ors-ca-61c67ebe

## Summary

### Background

The appeal was filed against an order passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in Company Application No. 184 of 2018 in Company Petition (IB) No. 492/ND/2018 dated July 9, 2019. The Adjudicating Authority declared that the Appellants are not Financial Creditors but unsecured creditors. The Appellants also challenged a subsequent modification order dated July 29, 2019, which rectified corrections in the original order.

## Facts

M/s Vaiva Metals and Alloys Pvt. Ltd., an Operational Creditor, filed a Company Petition (IB) No. 492/ND/2018 against M/s Sungil (I) Pvt. Ltd. (Corporate Debtor). The petition was admitted on 2018-06-01, and a Resolution Professional (RP) was appointed. The RP issued a public notice for creditors to submit proof of claims. The Appellants claimed to have advanced short-term loans to the Corporate Debtor, with interest rates varying between 3.3% to 5% per month. The Corporate Debtor failed to repay the loans within the agreed period, and the loans were extended with a condition of 5% monthly interest. The Appellants' claims were accepted by the RP only to the extent of the principal amount, with interest claims kept in abeyance. The RP reconstituted the Committee of

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## Issues and analysis

### Issue 1: Whether the respondents No. 3 to 11, the member of CoC as on date are Financial Creditors as …

**Ratio:** The legal principle applied is based on Section 50 of the IBC, which deals with

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**Reasoning:** The court reasoned that the interest rates charged by the Appellants were exorbitant (40%

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**Interpretation:** The interpretation involves examining whether the loans advanced by the

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**Application:** The ratio and reasoning are applied to the specific facts of the case,

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## Parties

- **Judges:** A.I.S. C…; Anant Bijay…; +2 more
- **Appellants:** Anamika…
- **Respondents:** M/s Sungil (I)…; Shinhan…

## Timeline

- **2018-06-01 — Admission of Company…**: Company Petition (IB) No. 492/ND/2018 against M/s Sungil (I) Pvt. Ltd. (Corporate Debtor)…
- **2018-07-09 — Order by Adjudicating…**: The Adjudicating Authority declared that the Appellants are not Financial Creditors but…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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