IA/569 (AHM)2021 in ]

[CP(IB)/563/9/AHM/2018 Coram: Sammi Khan, Member (J)

Kaushalendra Kumar Singh, Member (T)

Appearance:

For Applicant : Mr. Saurabh Soparkar, Sr. Adv. a/w Mr. Monaal Davawala, Adv. Mr. Maulik Nanavati, Adv.

(Sr. No. 117-118)

For Respondent: Ms. Hirva Dave, Adv. for Mr. Jaimin Dave, Adv.

For the CoC : Mr. Manish Bhatt, Sr. Adv. a.w.

Mr. Yuvraj Thakore Adv.

For the RA : Mr. Rashesh Sanjanwala, Sr. Adv. a.w.

Mr. Kunal Vaishnav Adv.

ORDER

1. The present application has been filed by the applicant Reliance Capital Ltd which is an NBFC and related party of the corporate debtor, against the rejection of its claim of financial debt amounting to Rs 82,70,85,616/- [principal Rs 57,00,00,000/- plus interest thereon] in entirety by the Resolution Professional of E-Complex Pvt Ltd

2. The applicant submits that it had sanctioned a loan amounting Rs 57,00,00,000/- under an Inter Corporate Deposit Facility agreement dated 02.05.2017 and the said facility was repayable with interest in accordance with the terms and conditions mentioned in the said agreement. The applicant submits that they had filed claim on 18.02.2021, following the receipt of the letter dated 10.02.2021 of the resolution professional whereby RP had informed the applicant about the initiation of the Corporate Insolvency Resolution Professional (“CIRP”) against the corporate debtor E-Complex Pvt Ltd vide order dated 09.12.2020 passed by the NCLAT Ahmedabad in Company Petition CP(IB)563 of 2018. The applicant further submits that the RP had sought certain clarifications which were replied to, however, the RP vide letter dated 03.07.2021 rejected the claim in its entirety; and that on being enquired as to on what ground the claim was rejected, the resolution professional vide another letter dated 15.07.2021 informed them that after sanctioned of the said ICD facility, the corporate debtor had transferred that amount to its group companies immediate after disbursement and for that IA/569 (AHM)2021 in ]

[CP(IB)/563/9/AHM/2018 reason, the said resolution professional was not convinced of the genuineness of the transaction.

3. In the reply furnished by the RP, it is stated that following the initiation of CIRP of the corporate debtor vide Adjudicating Authorities order dated 09.12.2020 in CP(IB)563 of 2018, the RP had made a public announcement and had invited claims from various class of creditors of the corporate debtor. The RP submits that on 03.02.2021, he received an email from the suspended management of the corporate debtor that a notice for default had been received from the applicant for payment of an ICD of Rs 57,00,00,000/- along with interest; and that on receipt of said email, he issued a letter dated 10.02.2021 to the applicant stating that the corporate debtor is in CIRP and hence they need to submit their claim with the RP in accordance with the provisions of the court. The RP further submits that on 18.02.2021, he did receive the claim from the applicant amounting to Rs 82,70,85,616/- (principal amounting Rs 57,00,00,000/- plus interest @ 12.50% thereon); and there upon he sought the ICD agreement entered between both companies in order to verify the claim submitted by the applicant and the same was provided by the applicant. The RP further submits that in the context that he had also sought clarifications from suspended management calling for the details on some of the transfer entries immediately after receipt of the said amount of ICD of Rs 57,00,00,000/-. The table below reflects the transactions on which clarification was sought: