# In the matter of V.K. Abdul Rahim Vs. Jasin Jose & Anr.  Company Appeal (AT)(CH) (Ins) No. 264 of 2021

> NCLAT judgment dated 2022-09-22. Citation: TCN-2022-NCLAT-00195. The case involves an appeal against an order passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 22 Sept 2022
- **Citation:** TCN-2022-NCLAT-00195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vk-abdul-rahim-vs-jasin-jose-anr-company-appeal-5e3e7f03

## Summary

### Background

The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Kochi Bench, which rejected a petition filed by the appellant under the Insolvency & Bankruptcy Code, 2016. The appellant, V.K. Abdul Rahim, is the suspended Managing Director of Sargam Builders (P) Ltd., the corporate debtor. The appellant claimed to have a significant shareholding in the corporate debtor and to be an unsecured creditor. The appellant alleged fraudulent activities and collusion between the Resolution Professional/Liquidator (Jasin Jose) and The Federal Bank Limited, leading to the rejection of claims and assignment of incorrect voting rights. The appellant filed applications before the NCLT seeking recall of the liquidation order and declaration of the

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## Facts

V.K. Abdul Rahim, the suspended Managing Director of Sargam Builders (P) Ltd. (Corporate Debtor), filed an appeal against the NCLT's order rejecting his petition under the Insolvency & Bankruptcy Code, 2016. He claimed to hold 64.48% shares in the Corporate Debtor and to be an unsecured creditor for Rs. 2.22 Crore. He alleged that the Resolution Professional/Liquidator (Jasin Jose) and The Federal Bank Limited fraudulently admitted wrong claims and assigned incorrect voting rights to the bank. The Corporate Debtor had availed term loans from the Federal Bank, and a housing project named 'Pearl Kochi' was initiated. However, the bank allegedly retracted from disbursing further installments, leading to financial losses and liquidation. The Appellant had submitted a

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## Issues and analysis

### Issue 1: Whether the `Committee of Creditor' constitution …

**Ratio:** Section 21 of the I&B Code, 2016, mandates that the Committee of Creditors (CoC)

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**Reasoning:** The Tribunal considered the submissions and pleadings by the Respondents who claimed that

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**Interpretation:** The interpretation of Section 21 and Section 5(28) of the I&B Code requires

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**Application:** In this case, the Respondent No. 1 constituted the Committee of Creditor

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## Parties

- **Judges:** M. Venu…; Naresh Sa…
- **Appellants:** V.K. Abdul…
- **Respondents:** Sargam Builders…; Jasin…

## Timeline

- **2021-09-20 — NCLT Ord…**: Order dated 20.09.2021 passed by the Adjudicating Authority/National Company Law…
- **2019-09-20 — CIRP Admi…**: Corporate Insolvency Resolution Process was admitted by the ‘Adjudicating Authority' vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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