# In the matter of Kerala Housing Finance Ltd. MA-37-KOB-2019 in TIBA-31-KOB-2019 Connected with TIBA-10-KOB-2019

> NCLT judgment dated 2019-12-18. Citation: TCN-2019-NCLT-00091. The case arises from an application filed by the Resolution Professional seeking orders from…

- **Court:** NCLT
- **Order date:** 18 Dec 2019
- **Citation:** TCN-2019-NCLT-00091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kerala-housing-finance-ltd-ma-37-kob-2019-in-tiba-31-kob-2019-connected-with-tib-ac9c8b79

## Summary

### Background

The case arises from an application filed by the Resolution Professional seeking orders from the National Company Law Tribunal (NCLT), Kochi Bench. The application pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Kerala Housing Finance Ltd. The Resolution Professional sought the appointment of an Authorised Representative for the Asset Class of Non-Convertible Debentures and the appointment of Shri P.D.Vincent as the Resolution Professional.

## Facts

The Resolution Professional (RP) filed an application before the NCLT, Kochi Bench, seeking the appointment of an Authorised Representative for the Asset Class of Non-Convertible Debentures and the appointment of Shri P.D.Vincent as the Resolution Professional for M/s. Kerala Housing Finance Ltd. (KHFL), which is undergoing Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) had previously resolved to appoint the Interim Resolution Professional (IRP), Shri P.D.Vincent, as the Resolution Professional. The RP submitted that the majority of claimants are non-convertible debenture holders and that Mr. K. Parameswaran Nair had been opted as the Authorised Representative by the majority. The RP also noted that three trustees were appointed for

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## Issues and analysis

### Issue 1: Whether Shri K. Parameswaran Nair should be appointed as the Authorised Representative for the …

**Ratio:** Section 21(6A)(a) of the Insolvency and Bankruptcy Code (IBC) allows for the appointment

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**Reasoning:** The Resolution Professional submitted that the majority of claimants (Financial

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**Interpretation:** This section allows for the representation of financial creditors through an

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**Application:** Given that the majority of claimants are non-convertible debenture holders and

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## Parties

- **Judges:** Ashok Kumar…; Veera Brahma Rao…
- **Appellants:** Vijayakumar J &…
- **Respondents:** M/s. Kerala…

## Timeline

- **2017-08-10 — SEBI Ord…**: SEBI issued an order debarring Mr. Bittu Abraham and Associates from acting as a…
- **2019-09-18 — Tribunal…**: The Tribunal passed an order appointing Shri P.D.Vincent as the Interim Resolution…

## 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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