Claim After 738 Days Of Delay and Post Approval of Resolution Plan: NCLAT Upholds Rejection of Claim by Kotak Mahindra Bank [Read Order]
The NCLAT upheld the Order rejecting the claim of Kotak Mahindra Bank
NCLAT – NCLAT decision – Kotak Mahindra Bank – taxscan
NCLAT – NCLAT decision – Kotak Mahindra Bank – taxscan
The Principal Bench of the National Company Law Appellate Tribunal Principal ( NCLAT ) upheld the order of the National Company Law Tribunal( NCLT ) which rejected the claim of Kotak Mahindra Bank against an approved resolution plan wherein the claim was made after 738 days of delay.
Kotak Mahindra Bank Ltd, the appellant challenged the Order passed by the Adjudicating Authority by which order the Adjudicating Authority rejected the Application filed by Kotak Mahindra Bank Limited for admission of its claim and for condonation of delay of 738 days in filing the claim and for direction to RP to admit the claim.
The Appellant’s case is that he took assignment from earlier PNB Housing with whom one flat was already mortgaged by the one home-buyer. In the records of the Corporate Debtor, payments received from home-buyer, Atul Jaidka were already reflected but RP did not notice the claim nor mention it in the Information Memorandum. The Adjudicating Authority relying on the Judgment of Hon’ble Supreme Court in M/s. RPS Infrastructure Limited Vs. Mukul Kumar, Civil Appeal No. 5590 of 2021 has rejected the Application of the Appellant.
The Counsel for the Respondent submitted that the Appellant is claiming his right based on an assignment dated 04th March 2023 from PNB. The appellant is not a financial creditor in a class and he ought to have done due diligence before taking the assignment since by that time resolution plan was already approved.
Justice Ashok Bhushan, Chairperson, Barun Mitra, Member ( Technical ) and Arun Baroka, Member ( Technical ) held that “when the Resolution Plan was already approved on 24.12.2022 and the claim was filed by the Appellant only in August 2023, we see no error in the order of the Adjudicating Authority rejecting the application.”
The Tribunal dismissed the appeal as there was no merit.
To Read the full text of the Order CLICK HERE
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