{"id":211074,"date":"2019-02-28T12:15:04","date_gmt":"2019-02-28T06:45:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=211074"},"modified":"2019-03-07T11:19:28","modified_gmt":"2019-03-07T05:49:28","slug":"nclat-bhels-claim-of-over-rs-977-crores-in-insolvency-process-against-monnet-power-to-be-reconsidered","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/28\/nclat-bhels-claim-of-over-rs-977-crores-in-insolvency-process-against-monnet-power-to-be-reconsidered\/","title":{"rendered":"NCLAT | BHEL’s claim of over Rs 977 crores in insolvency process against Monnet Power to be reconsidered"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT):\u00a0<\/strong>Justice S.J. Mukhopadhaya, Chairperson dismissed an appeal against the order of National Company Law Tribunal, Mumbai filed by Navneet Kumar Gupta, Resolution Professional of Monnet Power Co. Ltd.<\/p>\n

In the Corporate Insolvency Resolution Process against Monnet Power (corporate debtor), the respondent Bharat Heavy Electricals Ltd. (operational creditor) filed an application before the Resolution Professional to admit its entire claim of Rs 977,49,97,545 along with interest. On considering the same, the Resolution Professional did not accept part of the claim. NCLT, by the impugned order, held that the Resolution Professional wrongly disallowed the substantial claim in its entirety and directed him to re-examine the claim on basis\u00a0of the accounts and evidence of BHEL. Aggrieved thereby, the Resolution Professional preferred the present appeal.<\/p>\n

The only question which arose for consideration in this appeal was “whether the Resolution Professional had jurisdiction to reject the claim of BHEL in its entirety, without going into evidence?”<\/p>\n

The Appellate Tribunal relied heavily on Swiss Ribbons (P) Ltd. v. Union of India<\/em>, 2019 SCC OnLine SC 73<\/a> wherein this issue fell for consideration before the Supreme Court. It was held in that case that a Resolution Professional had no adjudicatory powers. Holding the present case being covered by\u00a0Swiss Ribbons,\u00a0<\/em>the High Court declined to interfere with the impugned order. The Resolution Professional was directed to act in accordance with the directions NCLT. [Navneet Kumar Gupta v. BHEL, 2019 SCC OnLine NCLAT 114<\/b><\/a>, decided on 26-02-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT):\u00a0Justice S.J. Mukhopadhaya, Chairperson dismissed an appeal against the order of National Company Law Tribunal, Mumbai filed <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[34026,28264,34025],"class_list":["post-211074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-bhel-claim","tag-insolvency-process","tag-resolution-professional"],"yoast_head":"\nNCLAT | BHEL's claim of over Rs 977 crores in insolvency process against Monnet Power to be reconsidered | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/28\/nclat-bhels-claim-of-over-rs-977-crores-in-insolvency-process-against-monnet-power-to-be-reconsidered\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | BHEL's claim of over Rs 977 crores in insolvency process against Monnet Power to be reconsidered\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal (NCLAT):\u00a0Justice S.J. 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Mukhopadhaya, Chairperson, and Justice A.I.S. Cheema, Member (Judicial), and Kanthi Narahari, Member (Technical), gave finality to the Terms and Conditions of the draft Cross Border Insolvency Protocol,\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196248,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/22\/time-period-between-admission-of-company-for-corporate-insolvency-resolution-process-and-knowledge-of-resolution-professional-can-be-excluded-from-time-limit\/","url_meta":{"origin":211074,"position":5},"title":"Time period between admission of company for Corporate Insolvency Resolution Process and knowledge of Resolution Professional can be excluded from time limit","author":"Saba","date":"May 22, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The NCLAT heard an appeal against the order passed by the National Company Law Tribunal, Mumbai Bench (\u201cNCLT\u201d) regarding time period allotted for completing Corporate Insolvency Resolution Process (\u201cCIRP\u201d) under the Insolvency and Bankruptcy Code, 2016 and certain observations made by the NCLT against\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/211074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=211074"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/211074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=211074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=211074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=211074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}