2018 (7) TMI 2246 - Tri - Insolvency and Bankruptcy

Inability to take subsequent steps as the application was not uploaded after being admitted - HELD THAT - The applicant s petition was admitted on 09.03.2018. However since the same was not uploaded till 2224 June of 2018 and therefore subsequent steps could not be taken. It appears that there was negligence on the part of the Court staff who had failed to take appropriate steps. Mr. Parth Goswami, Advocate along with the IRP is present in Court - The earlier IRP Mr. Yogesh Tyagi is discharged. To come for filing interim report on 31st of August, 2018. Application disposed off.

Summary

Issues:
1. Failure to upload a petition leading to subsequent delays in the case.
2. Negligence on the part of Court staff.
3. Disagreement between parties leading to the need for a change in the Insolvency Resolution Professional (IRP).
4. Appointment of a new IRP.
5. Discharge of the earlier IRP.
6. Deadline for filing an interim report.

Analysis:
1. The judgment addressed the issue of a petition being admitted on 09.03.2018 but not being uploaded until 22nd June 2018, causing delays in further proceedings. The Court acknowledged negligence on the part of its staff for failing to take appropriate steps, leading to the delay in the case.

2. The presence of the Financial Creditor and their counsel highlighted the lack of communication regarding the status of the case despite attempts made by the applicant. This lack of communication raised concerns about the efficiency of the process and the need for improved communication between parties and the Court.

3. A disagreement between the parties necessitated a change in the Insolvency Resolution Professional (IRP). The Financial Creditor's counsel proposed the name of a new IRP, Mr. Anurag Nirbhay, who was confirmed by the Tribunal to replace the earlier IRP, Mr. Yogesh Tyagi.

4. The Tribunal directed the new IRP, Mr. Anurag Nirbhay, to proceed with the case as expeditiously as possible. It was emphasized that the Financial Creditor should communicate the appointment to the new IRP promptly to ensure smooth progress in the resolution process.

5. The judgment explicitly discharged the earlier IRP, Mr. Yogesh Tyagi, indicating a clear transition of responsibilities to the newly appointed IRP, Mr. Anurag Nirbhay.

6. Finally, the judgment set a deadline for filing an interim report, requiring the parties to come prepared for filing on 31st August 2018. This deadline aimed to ensure timely updates on the case's progress and maintain accountability in the resolution proceedings.