2022 (1) TMI 1237 - Tri - Insolvency and Bankruptcy

Seeking withdrawal of application filed under Section 9 of I B Code (which was admited) - HELD THAT - Since, the fee of Interim Resolution Professional has not been settled so far, so in the interest of justice, issue notice of this application to the Interim Resolution Professional within two weeks. The applicant shall collect the notice from the Registry and send the same immediately to the respondent at its registered address by speed post along with copy of the application and the entire paper book and the copy of this order as well as at the email address of the respondent. List this application on 19.01.2022.

Summary

Issues:
1. Application for withdrawal of CP(IB) No. 171/Chd/Pb/2019 and setting aside the admission order dated 22.12.2021 under Section 9 of the Code.
2. Settlement of fee for Interim Resolution Professional.
3. Service of notice to the respondent.
4. Stay of further proceedings under the admission order dated 22.12.2021.

Analysis:
1. The application was filed for the withdrawal of CP(IB) No. 171/Chd/Pb/2019 and setting aside the admission order dated 22.12.2021 under Section 9 of the Code. The counsel for the applicant relied on a judgment of the Hon'ble NCLAT and requested to issue notice to the Interim Resolution Professional for pending fee settlement. The applicant was directed to serve the notice to the respondent through speed post and email within two weeks. If the service was unsuccessful, substituted service through newspaper advertisement was allowed. Timelines were set for filing replies and rejoinders.

2. The issue of settlement of the Interim Resolution Professional's fee was highlighted, and the applicant was instructed to notify the professional within two weeks. In case of non-delivery, substituted service through newspaper advertisement was permitted. The applicant was directed to file an affidavit of service along with necessary documents within the specified timeframe.

3. The service of notice to the respondent was emphasized, with specific instructions provided for different scenarios. The applicant was required to ensure proper service through speed post and email, followed by substituted service via newspaper advertisement if necessary. Timelines were set for filing replies and rejoinders to maintain procedural fairness.

4. The applicant requested a stay of further proceedings under the admission order dated 22.12.2021, citing relevant orders from the Hon'ble NCLAT. The application was scheduled for a hearing on 19.01.2022, and based on the submissions made, status quo was ordered to be maintained by the Interim Resolution Professional until the next hearing date. The request for stay was considered in light of the orders referenced by the applicant's counsel.