Ntpc Ltd. (Simhadri Project) vs Rajiv Chakraborty

Court

Supreme Court of India

Date

16 November 2020

Case No.

Civil Appeal No. 2798 of 2020

Result

Disposed

Bench

A.M. Khanwilkar, Bhushan Ramkrishna Gavai, Hrishikesh Roy

Citation

[2020] 13 S.C.R. 1090 : 2020 INSC 642

Headnote

Insolvency and Bankruptcy Code, 2016:

Corporate Insolvency Resolution Process – Information Memorandum – Prepared by Resolution Professional – Appellantcreditor’s name was put in the ‘List of Other Creditors’ and was not reflected in ‘Claims of Operational Creditors’ – Appellant’s claim that its name should have been reflected in ‘Claims of Operational Creditors’ – Held: Since the claim of the appellant is still pending adjudication before the Arbitrator, it has rightly been described in the memorandum as other creditors claim – The purpose of Information Memorandum is only to provide relevant information regarding financial position of the Company – It does not decide the claim – The Resolution Professional has no authority to accept or disallow the claims – Appellant’s claim would not get extinguished unless it is adjudicated upon by a competent forum or by operation of law – Appellant can take recourse to appropriate remedy, if it is aggrieved with the final resolution plan – Matter disposed of.

The following Order of the Court was passed : ORDER We have heard learned counsel for the parties. The limited issue in this appeal is about the claim of the appellant not being reflected under the heading ‘Claims of Operational Creditors’ in the Information Memorandum prepared by the Resolution Professional. The Adjudicating Authority and the Appellate Tribunal have taken a view that the appellant’s claim is already noted in Information Memorandum under the title, ‘List of Other Creditor Claims (excluding Related Party Claims and Employees and Workmen Claims) as on 17th July, 2019’. No gri

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