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Browse Law School Education Insolvency & Bankruptcy Interview on HBN Dairies Insolvency Case

Charu Mathur: So Manisha can you take us through the filing process because even I am doing a CIS matter and it is a big challenge.

Manisha Chaudhary: Right

Charu Mathur: My clients were having a very small amount of a monthly contribution of Rs 120-180.

Manisha Chaudhary: Right

Charu Mathur: And overall it has come out to be around Rs 9 crore of claim that we are able to draw. So how was the challenge for you to gather the signatures, to gather the Vakalatnama, to gather the special power of attorney? In my case, some clients were so concerned that you are writing in english, you will take the property. So they had asked us to write/to draw the special power of attorney in Hindi and to explain it to them.

Manisha Chaudhary: Right

Charu Mathur: So did you also face something like this?

Manisha Chaudhary: Fortunately not that much! So like I said the entire debt is about Rs 1136 crore and we had only filed for Rs 90 lakh. We only have filed it from 35 investors, who were brought together through people and they were introduced to us. Hence, the filing process as such was not that difficult. We did not take any power of attorneys because we believed that it might be very difficult for them to even understand in english what we are writing. Same issue that you are facing. So we just had our Vakalatnamas on record and simply had them all filed their petition, explain it to them in hindi, told them everything that is there on it. So the filing was very smooth, in that aspect.

Charu Mathur: Lucky, that aspect!

Manisha Chaudhary: Of course, we had all 35-40 of them plus their families, in our office at all times. There are times that I thought that what is going on, because it was very overwhelming to have so many people in one place and they are not very conversant with english or hindi because they are down south. So to explain to them—what is going on, how we are going to do it. It was like a mass speech at all times. I remember when we finally got the order, they were all standing outside and clapping for Mr Chaudhary and for ourselves and all the other seniors that represented them and it was—we felt like superstars. So to handle so many people, yes is very difficult. However, our filing process went through very easy, the associates and the firm along with my other partner. We spent a lot of time to ensure that everybody had their own aspect of what they needed to do. Like associates would gather signatures on a certain last page or they would get it on the petition because filing with NCLT has certain rigours, you have to go through. All of that was done in time, it took a while to do the filing—somebody was sent to the RPs office to get his approval, make sure that comes back in time. To explain every step to the investors was also one of the biggest issues that we find. 

Charu Mathur: So, any other challenges you are saying? There is I think one more case—Twinkle, has that also come to the Supreme Court?

Manisha Chaudhary: So our matter is listed with two other matters of the SEBI, where the SEBI is saying that it is seized of the assets and everything. Those all will be heard together. The issues that we are facing are a little bit different I would say. Again the matters are pending, so we won’t be able to say much right now. The Supreme Court will finally decide what it is. But it is that yes, we have a few matters we believe we have a good case. Difficulties, not so much because I believe my team is brilliant. They have done their job really well and made it very very easy for us and all the other seniors. So, let’s see how it goes forward from that.

Charu Mathur: Thank you Manisha, for your time. And it’s been a learning experience, not only for the viewers but for me also.

Manisha Chaudhary: Thank you Charu. Thank you.