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2022 Supreme(Online)(NCLAT) 97
A Company Appeal (AT) (Insolvency) No. 759 & 760 of 2021 NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No.759 of 2021 AND Company Appeal (AT) (Insolvency) No. 760 of 2021 INDEX S. NO. CONTENTS PARA PAGES 1. Factual Background 2 4-6 2. Appellants Submission 3 7-19 i Monies invested by FD Holders
3.1 7-9 ii NHB Act is the special statute
3.3 9-11 iii The impugned Order are passed without keeping in mind the going concern status of DHFL
3.3 12-13 iv The AA/NCLT failed to consider the repayment obligations
3.4 13-15 v The Hon’ble NCLT ought to have appreciated that the public depositors are separate from secured / unsecured creditors
3.5 16-17 vi Implementation of the approved Resolution Plan
3.6 17 vii The Resolution Plan ought not have been put to the vote before the CoC
3.7 17-18 viii The Resolution Plan has been implemented and a new entity has been formed
3.8 18-19 ix Prejudice caused to the Appellant
3.9 19-20 3. Ist Respondent Submission 20-21 4. The Appellants do no possess the locus standi to file the Appeals 21-22 B Company Appeal (AT) (Insolvency) No. 759 & 760 of 2021 5. The claims of the Appellants are governed by the IBC alone 6 22-23 6. Provisions of IBC prevails over the NHB 7 23-24 7. The Appellants were not entitled to payment matured FDs during CIRP 8 24-29 8. The Appellants are not entitled to full payment 9 29-30 The instant case does not warrant any interference 10 30-31 The Resolution plan is compliant 11 31 5. Analysis 12 31-64 i Appellant contention 12.9 38-39 ii Respondent Response to the Appellants contention 12.13 40-55 6. Finding 12.35 55-64 7.
ORDER
Company Appeal (AT) (Insolvency) No. 759 & 760 of 2021 1 of 65 NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 759 & 760 of 2021 [Arising out of Order dated June 7, 2021, in MA No. 415 of 2020 in Company Petition (IB.) No.4258 of 2019 passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench, Mumbai] 1. Company Appeal (AT) (Insolvency) No. 759 of 2021 IN THE MATTER OF: Uttar Pradesh State Power Sector Employees Trust 2nd Floor, Shakti Bhawan Extension 14-Ashok Marg, Hazratganj Lucknow – 226001 Appellant Versus 1. Dewan Housing Finance Corporation Limited Through its Administrator Warden House, 2nd Floor Sir P.M. Road, Fort, Mumbai – 400001 Respondent No.1 2. Committee of Creditors of Dewan Housing Finance Corporation Ltd Warden House, 2nd Floor Sir P.M. Road, Fort, Mumbai – 400001 Respondent No.2 Present: For Appellant : Mr Divyam Agarwal, Mr Ahsan Allana, Mr Ashish Joshi, Advocates For Respondent : Mr Arun Kathpalia, Sr Advocate with Mr Ashish Bhen, Mr Ketan Gaur, Ms Chitra Rentala, Mr Aayush Mitruka, Mr Kaustub Narendran, Ms Samriddhi Shukla, Ms Lisa Mishra and Mr Vishal Hablani, Advocates for Intervenor (Piramal Capital & Housing Finance Ltd., SRA). Mr Raunak Dhillon, Mr Animesh Bisht, Ms Saloni Kapadia, Ms Madhavi Khanna, Mr Shubhankar Jain, Mr Aniruddh Gambhir, Advocates for COC. Company Appeal (AT) (Insolvency) No. 759 & 760 of 2021 2 of 65 With 2. Company Appeal (AT) (Insolvency) No. 760 of 2021 IN THE MATTER OF: Uttar Pradesh State Power Corporation Contributory Provident Fund Trust 2nd Floor, Shakti Bhawan Extension 14-Ashok Marg, Hazratganj Lucknow – 226001 Appellant Versus 1. Dewan Housing Finance Corporation Limited Through its Administrator Warden House, 2nd Floor Sir P.M. Road, Fort, Mumbai – 400001 Respondent No.1 2. Committee of Creditors of Dewan Housing Finance Corporation Ltd Warden House, 2nd Floor Sir P.M. Road, Fort, Mumbai – 400001 Respondent No.2 Present: For Appellant : Mr Divyam Agarwal, Mr Ahsan Allana, Mr Ashish Joshi, Advocates For Respondent : Mr Ashish Bhan, Mr Ketan Gaur, Ms Chitra Rentala, Mr Aayush Mitruka, Mr Kaustub Narendran, Ms Samriddhi Shukla, Ms Lisa Mishra and Mr Vishal Hablani, Advocates for Intervenor (Piramal Capital & Housing Finance Ltd., SRA). Mr Raunak Dhillon, Mr Animesh Bisht, Ms Saloni Kapadia, Ms Madhavi Khanna, Mr Shubhankar Jain, Mr Aniruddh Gambhir, Advocates for COC. Glossary FSP Rules Financial Service Providers NCLT National company Law Tribunal NCLAT National Company Law Appellate Tribunal Company Appeal (AT) (Insolvency) No. 759 & 760 of 2021 3 of 65 I&B Code/ Code Insolvency and Bankruptcy Code CIRP Corporate Insolvency Resolution Process CoC Committee of Creditors NHB National Housing Bank Impugned Order Impugned Order dated June 7, 2021 MA 415 Miscellaneous Application No. 415 of 2020 M.A. 416 Miscellaneous Application No. 416 of 2020 UP Applications MA 415 and M.A. 416 collectively NCLT Petition C.P(IB) No. 4285/MB/2019 UPPCL Uttar Pradesh Power Corporation Limited FD Fixed Deposit AA Adjudicating Authority PCHF Piramal Capital & Housing Finance Erstwhile CD Erstwhile Corporate Debtor Appeals Appeal No. 759 of 2021 and 760 of 2021 Resolution Plan Resolution Plan dated 22.12.2020 Plan Approved order Interlocutory Application No. 449 of 2021 in Company petition No 4258 of 2019 RBI Reserve Bank of India RERA Real Estate (Regulation and Development) Act, 2016 Administrator Erstwhile Administrator CORAM: Hon'ble Mr Justice M. Venugopal, Member (J) Hon'ble Mr V.
