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IA(IBC)/113/KOB/2021

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH, KERALA

IA (IBC)/113 (KOB)/2021

in

IA(IBC)/21/KOB/2021

in

TIBA/03/KOB/2019

(Under Section 60(5)(3) of IBC, 2016)

Order delivered on: 6th October, 2021

Coram:

Hon’ble Mr. Rajesh Sharma,

Hon’ble Mr. Ashok Kumar Borah,

Member (Technical)

Member (Judicial)

Applicant

Mr. Kumar Rajan

(former Resolution Professional of

Hindustan Newsprint Limited) …Applicant

V.

Joshy M

Sr. Inspector Special Grade I (Rtd.), HNL

Thanal, Alathukavu, Ponganadu P.O

Kilimanoor, Trivandrum-695601 … Respondent

In the matter of:

M/s RBL Bank Limited

… Financial Creditor

Vs.

M/s Hindustan Newsprint Limited

… Corporate Debtor

Parties/Counsel present (through video conference)

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IA(IBC)/113/KOB/2021

For applicant

: Mr.Vinod PV, Advocate

For respondent : Ms.Jinu Sara George, Advocate

ORDER

Per: Rajesh Sharma, Member(T)

1. This application has been filed by Mr. Kumar Rajan (former Resolution

Professional of the Hindustan Newsprint Limited against Mr. Joshy M, a

former employee of HNL, seeking the following reliefs: -

a) Pass an order directing the Respondent to refund

and transfer Rs.4,58,238/-. to the Account of

Hindustan Newsprint Limited maintained at Central

Bank of India, which was wrongly credited to his

account immediately and/or;

b) Pass an order directing the Branch Manager, State

Bank of India, Ponganadu Branch to reverse the

transaction of Rs.4,58,238/-credited to the account

of the Respondent from Hindustan Newsprint

Limited.

The brief facts are: -

2. An application has been filed under Section 7 of the Insolvency and

Bankruptcy Code, 2016 (hereinafter referred to as the "Code'") read with

Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating

Authority) Rules, 2016 against the Corporate Debtor (Hindustan

Newsprint Limited) before the National Company Law Tribunal, Chennai

Bench, by RBL Bank Limited. Vide order dated 28.11.2019 this Tribunal

admitted the application and appointed Mr. Navneeth Vasudevan as the

Interim Resolution Professional. Subsequently, vide order dated

10.03.2020 Mr. Kumar Rajan was appointed as the Resolution

Professional. The Committee of Creditors in its meeting on 24.12.2020

with 92.72% voting approved the Resolution Plan submitted by Kerala

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IA(IBC)/113/KOB/2021

Industrial Infrastructure Development Corporation(KINFRA). Based on

the decision of the CoC, this Tribunal approved the resolution plan vide

order dated 29.01.2021 in IA(IBC)/21/KOB/2021.

3. It is stated that in terms of resolution plan KINFRA has paid the entire

resolution amount of Rs. 145.60 crore. A monitoring committee was also

formed with two representatives of the Financial Creditors and One

representative of the Resolution applicant on 05.02.2021.

4. It is further stated that the respondent herein is an operational creditor

(workman) of the corporate debtor and in terms of the approved

resolution plan he is entitled to 35.13% of the admitted claim. Accordingly,

the respondent is entitled to Rs. 4,90,106, which is as follows: -

Principal due claimed

Rs. 12,51,268

Interest claimed

Rs. 3,50,000

Total amount Claimed

Rs. 16,01,268

Claim Admitted

Rs. 14,01,905

Claim Rejected

Rs. 1,99,363

Amount

payable

under

the

Resolution Plan (35.13% of the

admitted Claim)

Rs. 4,90,106

5. Respondent along with 3 other claimants had filed an application No.

MA/165/KOB/2020 before this Tribunal seeking a direction to Resolution

Professional to revise the admitted claims. However, this Tribunal vide

order dated 03.12.2020 disposed of the said application confirming the

admitted claims by the RP. It is also stated that an amount of Rs.4,90,106

was remitted to the Respondent’s A/c No. 20102622564, in SBI,

Ponganadu Branch on