The Supreme Court<\/a> on Tuesday rejected the challenge of operational creditors on approval of resolution plan of the Reliance Infratel<\/a> Limited by NCLT<\/a> saying the plan has been duly approved by a requisite majority of the Committee of Creditors in conformity with Insolvency and Bankruptcy Code (IBC). 长椅上的大法官DY Chandrachud和M R Shah说,排除一些金融债权人委员会的债权人(CoC)是没有结果的计划已通过CoC的100%的投票权。 的最高法院周二拒绝操作的挑战债权人的决议计划的批准鼓吹他的依赖受限于NCLT说这个计划已经正式批准的多数债权人委员会符合破产和破产法(IBC)。
A bench of Justices DY Chandrachud and M R Shah said that exclusion of some of the financial creditors from the Committee of Creditors (CoC) is of no consequence as the plan has been approved by a 100 per cent voting share of the CoC.
“In the present case, the resolution plan has been duly approved by a requisite majority of the CoC in conformity with Section 30(4). Whether or not some of the financial creditors were required to be excluded from the CoC is of no consequence, once the plan is approved by a 100 per cent voting share of the CoC,” the bench said.
It said that the jurisdiction of the adjudicating authority (National Company Law Tribunal<\/a>) was confined by the provisions of Section 31(1) to determine whether the requirements of IBC have been fulfilled in the plan as approved by the CoC.
“As such, once the requirements of the statute have been duly fulfilled, the decisions of the adjudicating authority and the appellate authority are in conformity with law. For the above reasons, we find no merit in the appeal. The appeal shall accordingly stand dismissed”, the top court said.
Operational creditors of Reliance Infratel Limited, who have challenged the approval of resolution plan in the top court by the NCLT and upholding of order by the National Company Law Appellate Tribunal (NCLAT) on the ground of low payout under the plan are telecom service providers of the company and they claim to have provided core service in operation and maintenance of telecom towers and the optical fibre network and associated passive infrastructure equipment.
The operational creditors have claimed that they had been unfairly or inequitably treated in regard to the distribution of funds.
The bench said, “Once the requirements of the IBC have been fulfilled, the adjudicating authority (NCLT) and the appellate authority (NCLAT) are duty bound to abide by the discipline of the statutory provisions. It needs no emphasis that neither the adjudicating authority nor the appellate authority has an uncharted jurisdiction in equity. The jurisdiction arises within and as a product of a statutory framework”.
It said that to argue that a residuary jurisdiction must be exercised “to alter the delicate economic coordination that is envisaged by the statute would do violence on its purpose and would be an impermissible exercise of the adjudicating authority‘s power of judicial review”.
The top court said that the IBC, in its view, is a complete code in itself and the code defines what is fair and equitable treatment by constituting a comprehensive framework within which the actors partake in the insolvency process.
“The process envisaged by the IBC is a direct representation of certain economic goals of the Indian economy. It is enacted after due deliberation in Parliament and accords rights and obligations that are strictly regulated and coordinated by the statute and its regulations”, it said.
The top court said that the approved resolution plan has in fact provided for the payments to operational creditors, the percentage of recovery being 19.62 per cent while on the other hand, the payment to financial creditors is 10.32 per cent.
It said that the submission that there has been a failure to maximise the value of the assets has not been substantiated by any concrete material before the Court, apart from the reference to the preference shares.
“Fair and equitable treatment, in other words, is what is fair and equitable between the operational creditors as a class, and not between different classes of creditors,” the bench said.
The top court noted that the liquidation value of the Corporate Debtor (Reliance Infratel Ltd<\/a>) is Rs 4339.58 crores and the amount being infused by the successful resolution applicant is Rs 3720 crores.
\"The amount of Rs 800 crores is a value ascribed under the approved resolution plan to be realised by the Corporate Debtor, pursuant to the remittance of proceeds in respect of the preference shares. Hence, cumulatively, the value being distributed under the approved valuation plan is Rs 4520 crores,” it said.
On December 3, 2020, the NCLT, Mumbai approved the resolution plan formulated in the course of the insolvency resolution process of the Reliance Infratel Ltd and thereafter NCLAT has upheld the order in January, 2021.
On May 15, 2018, the corporate resolution insolvency process was initiated by the NCLT and an interim resolution professional was appointed.
In 2019, the resolution professional received resolution plans from the four prospective resolution applicants--Bharti Airtel Ltd<\/a>.; Reliance Digital Platform<\/a> and Project Services Limited, through its division Infrastructure Projects; VFSI Holdings Pte. Ltd and UV Asset Construction Company Ltd<\/a>.
The resolution plan submitted by Reliance Digital Platform and Project Services Limited was taken forward as a preferred resolution plan on the basis of its? feasibility, viability and implementability and the company was declared as a successful resolution applicant. The resolution plan was approved with a 100 per cent voting share of the CoC.
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SC拒绝挑战信实鼓吹他的批准决议计划运营债权人
长椅上的大法官DY Chandrachud和M R Shah说,排除一些金融债权人委员会的债权人(CoC)是没有结果的计划已通过CoC的100%的投票权。
“在目前的情况下,决议计划已经正式批准的多数CoC符合部分30 (4)。一些金融债权人是否需要排除在CoC是没有结果的,一旦计划批准CoC的100%的投票份额,”法官说。
“因此,一旦法令的要求如期完成,裁决权威和上诉的决定是符合法律的权威。因为上述原因,我们发现没有价值的吸引力。上诉应相应地站了”,最高法院说。
操作的债权人依赖鼓吹有限,挑战最高法院的批准决议计划NCLT和维护秩序的国家公司法上诉法庭(NCLAT)在地上低支付根据该计划是电信公司的服务提供商,他们声称在操作和维护提供了核心服务的电信塔和被动相关联的光纤网络和基础设施设备。
操作债权人声称他们被不公平或者并不是治疗关于基金的分配。
法官说,“一旦IBC的需求被满足,评选权威(NCLT)和上诉权威(NCLAT)是法定的义务遵守纪律规定。它不需要强调权威评选和上诉机构都没有股权的未知的管辖权。管辖内出现,作为一个产品的法定框架”。
它说,认为剩余的管辖权必须行使“改变脆弱的经济协调所设想的法令会在其目的和暴力将是一个不允许行使审判机关的权力的司法审查”。
IBC的最高法院说,在其看来,本身就是一个完整的代码和代码定义了什么是公平和公正待遇构成一个全面的框架内的演员参与破产过程。
“IBC设想的过程是一个直接的表示印度经济的某些经济目标。是颁布后由于在议会审议和协议的权利和义务的严格管制和协调的法令和法规”,它说。
最高法院说,批准了决议计划实际上提供支付操作债权人,恢复的比例是19.62%,而另一方面,金融债权人的付款方式是10.32%。
它说,有失败的提交资产的价值最大化并没有证实任何混凝土材料在法院之前,除了优先股的引用。
“公平和公正待遇,换句话说,就是操作债权人之间的公平、公正作为一个类,而不是不同种类的债权人之间,”法官说。
最高法院指出,债务人(企业的清算价值依赖鼓吹有限公司)Rs 4339.58卢比和被成功解决了申请人是Rs 3720卢比。
“Rs 800卢比的价值归结根据经批准的决议计划由债务人企业意识到,按照汇款收入的优先股。因此,累计,分发根据经批准的估值计划是Rs 4520卢比,”它说。
NCLT 2020年12月3日,孟买批准了这项决议计划制定过程中依赖Infratel有限公司的破产解决过程和此后NCLAT支持订单今年1月,2021年。
2018年5月15日,公司决议NCLT发起的破产过程和职业被任命为临时解决。
2019年,这项决议专业收到决议计划从四个角度分辨率申请人——BhartiAirtel有限公司;数字平台的依赖和项目服务有限公司,通过其部门基础设施项目;VFSI控股Pte . Ltd .)和紫外线资产建设有限公司。
提交的决议计划依赖数字平台和项目服务有限公司被提出作为首选决议计划的基础上吗?可行性、可行性和可能性,公司决议声明为一个成功的申请人。决议计划被批准CoC的100%的投票权。
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The Supreme Court<\/a> on Tuesday rejected the challenge of operational creditors on approval of resolution plan of the Reliance Infratel<\/a> Limited by NCLT<\/a> saying the plan has been duly approved by a requisite majority of the Committee of Creditors in conformity with Insolvency and Bankruptcy Code (IBC).
A bench of Justices DY Chandrachud and M R Shah said that exclusion of some of the financial creditors from the Committee of Creditors (CoC) is of no consequence as the plan has been approved by a 100 per cent voting share of the CoC.
“In the present case, the resolution plan has been duly approved by a requisite majority of the CoC in conformity with Section 30(4). Whether or not some of the financial creditors were required to be excluded from the CoC is of no consequence, once the plan is approved by a 100 per cent voting share of the CoC,” the bench said.
It said that the jurisdiction of the adjudicating authority (National Company Law Tribunal<\/a>) was confined by the provisions of Section 31(1) to determine whether the requirements of IBC have been fulfilled in the plan as approved by the CoC.
“As such, once the requirements of the statute have been duly fulfilled, the decisions of the adjudicating authority and the appellate authority are in conformity with law. For the above reasons, we find no merit in the appeal. The appeal shall accordingly stand dismissed”, the top court said.
Operational creditors of Reliance Infratel Limited, who have challenged the approval of resolution plan in the top court by the NCLT and upholding of order by the National Company Law Appellate Tribunal (NCLAT) on the ground of low payout under the plan are telecom service providers of the company and they claim to have provided core service in operation and maintenance of telecom towers and the optical fibre network and associated passive infrastructure equipment.
The operational creditors have claimed that they had been unfairly or inequitably treated in regard to the distribution of funds.
The bench said, “Once the requirements of the IBC have been fulfilled, the adjudicating authority (NCLT) and the appellate authority (NCLAT) are duty bound to abide by the discipline of the statutory provisions. It needs no emphasis that neither the adjudicating authority nor the appellate authority has an uncharted jurisdiction in equity. The jurisdiction arises within and as a product of a statutory framework”.
It said that to argue that a residuary jurisdiction must be exercised “to alter the delicate economic coordination that is envisaged by the statute would do violence on its purpose and would be an impermissible exercise of the adjudicating authority‘s power of judicial review”.
The top court said that the IBC, in its view, is a complete code in itself and the code defines what is fair and equitable treatment by constituting a comprehensive framework within which the actors partake in the insolvency process.
“The process envisaged by the IBC is a direct representation of certain economic goals of the Indian economy. It is enacted after due deliberation in Parliament and accords rights and obligations that are strictly regulated and coordinated by the statute and its regulations”, it said.
The top court said that the approved resolution plan has in fact provided for the payments to operational creditors, the percentage of recovery being 19.62 per cent while on the other hand, the payment to financial creditors is 10.32 per cent.
It said that the submission that there has been a failure to maximise the value of the assets has not been substantiated by any concrete material before the Court, apart from the reference to the preference shares.
“Fair and equitable treatment, in other words, is what is fair and equitable between the operational creditors as a class, and not between different classes of creditors,” the bench said.
The top court noted that the liquidation value of the Corporate Debtor (Reliance Infratel Ltd<\/a>) is Rs 4339.58 crores and the amount being infused by the successful resolution applicant is Rs 3720 crores.
\"The amount of Rs 800 crores is a value ascribed under the approved resolution plan to be realised by the Corporate Debtor, pursuant to the remittance of proceeds in respect of the preference shares. Hence, cumulatively, the value being distributed under the approved valuation plan is Rs 4520 crores,” it said.
On December 3, 2020, the NCLT, Mumbai approved the resolution plan formulated in the course of the insolvency resolution process of the Reliance Infratel Ltd and thereafter NCLAT has upheld the order in January, 2021.
On May 15, 2018, the corporate resolution insolvency process was initiated by the NCLT and an interim resolution professional was appointed.
In 2019, the resolution professional received resolution plans from the four prospective resolution applicants--Bharti Airtel Ltd<\/a>.; Reliance Digital Platform<\/a> and Project Services Limited, through its division Infrastructure Projects; VFSI Holdings Pte. Ltd and UV Asset Construction Company Ltd<\/a>.
The resolution plan submitted by Reliance Digital Platform and Project Services Limited was taken forward as a preferred resolution plan on the basis of its? feasibility, viability and implementability and the company was declared as a successful resolution applicant. The resolution plan was approved with a 100 per cent voting share of the CoC.
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