2021 (7) TMI 1303 - Tri - Insolvency and Bankruptcy

Seeking direction to Resolution Professional to verify, entertain and accept the claim of the Applicant - Resolution Professional Mr. Kashi Vishwanathan Sivaraman, not acting under the specific and mandatory regulations and guidelines of the Code - HELD THAT - Considering the fact that no specific order on the claim submitted by the Applicant has been passed by the RP as yet, we direct the RP to consider the claim of the Applicant pending before him since long on merits and pass a specific order in accordance with the provision of Law. Application disposed off.

Summary

Issues Involved:
Claim verification and acceptance, compliance with Insolvency and Bankruptcy Code, 2016 regulations, direction to Resolution Professional, justice in the interest of the Applicant.

Claim Verification and Acceptance:
The Applicant filed an application seeking the Tribunal to direct the Resolution Professional (RP) to verify, entertain, and accept their claim. During the hearing, the RP acknowledged the provision in the Resolution Plan for payment towards the Applicant's claim but had not passed a specific order on it. The Tribunal directed the RP to consider the Applicant's claim pending for a long time on its merits and issue a specific order in accordance with the law. The Tribunal disposed of the present application after issuing this direction.

Compliance with Insolvency and Bankruptcy Code, 2016 Regulations:
The Applicant also requested the Tribunal to issue appropriate directions under the provisions of the Insolvency and Bankruptcy Code, 2016 against the RP for alleged non-compliance with specific and mandatory regulations and guidelines of the Code. The Tribunal did not explicitly address this issue in the judgment, focusing primarily on the claim verification and acceptance aspect.

Direction to Resolution Professional:
The Applicant sought directions against the RP for not acting in accordance with the Code's regulations. Although the RP had made provisions for the Applicant's claim in the Resolution Plan, no specific order had been passed. The Tribunal directed the RP to consider and pass a specific order on the Applicant's pending claim in line with the law. This direction aimed to ensure justice and compliance with the legal provisions.

Justice in the Interest of the Applicant:
The Tribunal emphasized the importance of considering the Applicant's claim pending before the RP for a significant period. By directing the RP to evaluate and decide on the claim based on its merits, the Tribunal aimed to uphold justice and ensure that the Applicant's rights were protected. The disposal of the present application after issuing the directive reflected the Tribunal's commitment to fairness and adherence to legal procedures.