National Company Law Appellate Tribunal
Ramkrishna Forgings Limited vs Ravindra Loonkar Resolution ... on 19 January, 2022
NATIONAL COMPANY LAW APPELLATE TRIBUNAL,
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 845 of 2021
IN THE MATTER OF:
Ramkrishna Forgings Ltd.
Ramkrishna Chambers
72, Shakespeare Sarani,
Kolkata - 700 017, West Bengal ...Appellant
Vs.
1.Ravindra Loonkar
R.P. of ACIL Ltd.
R/O Flat No. C-49C, Gangotri
Enclave, Alaknanda
New Delhi - 110019
Registered Office at
Ground Floor, Building No.
108/B Madangir Village,
New Delhi - 110062 ...Respondent No.1
2.Commitee of Creditors of ACIL Ltd
Through IDBI bank
IDBI Tower, WTC Complex,
Cuffe Parade, Mumbai - 400 005 ...Respondent No.2
Present:
For Appellant : Mr. K. Datta, Sr. Advocate along with Mr. Prateek
Kumar, Ms. Smriti Nair & Ms. Mehak Khurana,
Advocates.
For Respondents: Mr. Ravindra Loonkar, RP of ACIL Ltd. Mr.
Abhishek Sharma, Ms. Ruchi Goyal, Mr. Sumant
Batra, Ashly Cherian, Ms. Anisha Mahajan,
Advocates for RP/R-1.
Mr. Rajive R. Raj, Advocate for R-2/CoC.
With
Company Appeal (AT) Insolvency No. 1034 of 2021
IN THE MATTER OF:
Ravindra Loonkar
R.P. of ACIL Ltd.
R/O Flat No. C-49C, Gangotri
Enclave, Alaknanda
Company Appeal (AT) (Ins) No. 845 & 1034 of 2021
Page 1 of 5
New Delhi - 110019
Registered Office at
Ground Floor, Building No.
108/B Madangir Village,
New Delhi - 110062 ...Appellant
Vs.
Official Liquidator
(Attached to the High Court of Delhi)
Ministry of Corporate Affairs
Government of India,
8th Floor, Lok Nayak Bhawan
Khan Market, Sujan Singh Park,
New Delhi - 110 003 ...Respondent
Present:
For Appellant : Mr. Sumant Batra, Mr. Abhishek Sharma, Mr. Ashly
Cherian, Ms. Ruchi Goyal and Ms. Anisha Mahajan,
Advocates.
For Respondent:
JUDGMENT
DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER
1. The Appeal - Company Appeal (AT) (Ins) No. 845 of 2021 has been filed by Appellant under section 61 of the 'Insolvency and Bankruptcy Code, 2016' (in short 'Code') against the impugned order dated 01.09.2021 passed by the 'Adjudicating Authority' (National Company Law Tribunal), Principal Bench, New Delhi in CP(IB) -170(PB)/2018 in IA No. 1636/2019 for keeping the approval of the 'Resolution Plan' in abeyance and has directed the 'Official Liquidator' (OL) to provide exact figures / value of the asset and exact valuation details within three weeks from the date of the receipt of the order and also directed to 'Resolution Professional' (RP) to file the two valuations reports Company Appeal (AT) (Ins) No. 845 & 1034 of 2021 Page 2 of 5 obtained by him before the next date of hearing and matter was posted to 05.10.2021 for further consideration and on 05.10.2021 getting no reports, the Adjudicating Authority heard the same CP(IB) - 170(PB)/2018 and directed the RP to submit all the particulars pertaining to intangible/tangible assets of the company to the OL and has also permitted the OL to proceed with the valuation to get the right information and valuation of the property and has asked RP to also co- operate with the OL.
2. The Appeal - Company Appeal (AT) (Ins) No. 1034 of 2021 has been filed by the RP of the Corporate Debtor (CD) under CIRP being aggrieved by the observation / adverse remark passed by the Adjudicating Authority in the impugned order dated 05.10.2021 in CP (IB) 170/(PB)/2018.
3. Both the Appeals are arising from the same impugned order dated 01.09.2021/05.10.2021 in CP(IB) 170 /(PB)/2018 so it was thought fit and proper to hear the case together and dispose off accordingly.
4. The brief fact of the case is that during the CIRP of the CD (ACIL Limited) the amount claimed is of Rs.1830/- Crore approx., amount admitted is Rs.1782 /- Crore approx. and amount provided under the plan is Rs.105/- Crore approx. so haircut is approximately 94 to 99% for the different classes of the creditors (appearing at page 280-281 of the Appeal paper book). Fair value is Rs. 130 Crore approx. and Company Appeal (AT) (Ins) No. 845 & 1034 of 2021 Page 3 of 5 Liquidation Value is Rs.102 Crore approx. The amounts involved of the banks is over Rs. 1,600/- Crore approx. against which they will be getting less than Rs. 80 crores approx., as upfront payment and in 'Non- Convertible Debenture' (NCD) of Rs.24 Crore. So, the 'Adjudicating Authority' has just asked for the Expert opinion on the asset's valuations of the Company.
5. The Adjudicating Authority has directed on 01.09.2021 for further consideration on 05.10.2021. The Adjudicating Authority has not received the Expert opinion by the date. So, on 05.10.2021 the Adjudicating Authority has asked RP to co-operate with the OL and to submit all the particulars pertaining to the assets of the Company. The Adjudicating Authority is not a rubber stamp, he has to satisfy himself within the boundary of the provisions of the Code and the law laid down. If some suspicion arises on hair cut of 94 to 99%, it has to satisfy itself.
6. It appears from para 7.4 of CA(AT) (Ins) No. 1034 of 2021 that the two registered valuers so appointed by the RP has submitted their report on 11.02.2019 and 14.02.2019 but on 24.06.2019 it came to the knowledge of the RP that the Land bearing plot /site No.GH38 (Land) Sector 1 IMT, Manesar (Haryana) was allotted by HSIIDC to the CD (in CIRP) in the year 2007 and then some addendum was provided in July, 2019 by the valuers.
Company Appeal (AT) (Ins) No. 845 & 1034 of 2021 Page 4 of 5
7. Avoidance transactions of approximately Rs.1000/- Crore has also come to the light on para d. (appearing at page 8 of CA(AT) (Ins) No. 1034 of 2021). No doubt, it is a settled law that commercial wisdom of the 'Committee of Creditors' (CoC) is 'supreme' and cannot be interfered in a normal circumstance but when 'figures of crore' are emerging stagewise then there is no harm to look at the Expert opinion which the Adjudicating Authority in this case has asked for.
8. As far as the RP is concerned, he is treated as an 'officer' of the court and as appears to us, no adverse comment has been passed against him. He has only been requested to co-operate with the OL. There is nothing adverse against him.
9. In view of the above stated facts, we do not find any merits in these appeals and accordingly, we are disposing off these appeals. No order as to costs.
[Justice Ashok Bhushan] Chairperson (Dr. Ashok Kumar Mishra) Member(Technical) 19th January, 2022 New Delhi Raushan.k Company Appeal (AT) (Ins) No. 845 & 1034 of 2021 Page 5 of 5