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 On 17.01.1998, the Administrator certified the accounts submitted by the Appellant and the expenses incurred basis an Auditor's Certificate.

Company Appeal (AT) (Insolvency) No. 995 & 996 of 2024 This Auditor's Certificate was issued by M/s Kuldeep Jaiswal & Co., the internal Auditor of Sylvan.

 On 17.08.2006, the High Court of Calcutta directed Sylvan to file its claim with the OL in accordance with law.

7. Refuting the contentions made by the Appellant, Shri Abhijeet Sinha, Ld. Senior Counsel representing the RP submitted that the Appellant was not entitled to refund of any amount which it had invested in the Corporate Debtor company as the orders of the Single Bench of the Calcutta High Court had clearly stipulated that the liability created by Sylvan shall be their own liability and not that of the company or the OL. Further, it was pointed out that when the Single Bench order of 02.05.1997 clearly held Sylvan to be a 'promoter', it could not claim to be a creditor but was present in the capacity of investor- promoter. While such a claim by an investor-promoter was permissible for collation under Section 528 of the Companies Act, 1956 in winding-up proceedings, IBC only recognizes admission of claim only in respect of creditors. Much emphasis was laid on the fact that the Report of the Administrator, basis a certificate issued by the internal Auditor of Sylvan, without any independent assessment/verification made by the Administrator cannot be held to have substantiated the claim of Sylvan.

and the "Statement of Affairs" as submitted by the internal auditors of the Corporate Debtor.

23. By a subsequent order of the Calcutta High Court dated 17.08.2006, Sylvan was given the liberty to lodge its claim in the ongoing liquidation with the OL in accordance with law. In the ongoing liquidation proceedings, the Hon'ble Supreme Court vide its order dated 26.11.2019 also took note of the investment of certain amounts made by Sylvan in the Corporate Debtor and directed adjudication of these claims. The relevant excerpts of the order of Hon'ble Supreme Court are as reproduced below: