2020 (4) TMI 374 - AT - Insolvency and Bankruptcy

CIRP Process - the amount in terms of the earlier order dated 21st January, 2020 has been paid. Mr. Joy Saha, learned Senior Counsel appearing on behalf of Committee of Creditors has also accepted the same - HELD THAT - According to the Appellant, it has already paid the amount - In view of the above development, we allow the Resolution Professional / Liquidator to hand over the records, control etc. to the Appellant ( Successful Resolution Applicant Liberty House Group Pte. Ltd.). Parties will also ensure to implement the plan in its letter and spirit. The detailed affidavit(s) be filed by the Appellant and the Committee of Creditors within a week. Rest of the issues will be decided on the next date. Post the case for orders on 3rd March, 2020 before the 1st Bench on the top of the list.

Issues involved:
1. Stay of liquidation order and appointment of Resolution Professional.
2. Determination of corporate insolvency resolution process cost.
3. Handover of records to the Successful Resolution Applicant.
4. Filing of detailed affidavits by the Appellant and Committee of Creditors.
5. Next hearing date and disposal of the appeal.
6. Compliance with the Resolution Plan and withdrawal of complaint before the Special Judge.

Issue 1: Stay of liquidation order and appointment of Resolution Professional
The judgment states that the liquidation order is stayed, and the Liquidator will now function as the Resolution Professional. This decision was made after the Appellant and the Committee of Creditors confirmed the payment compliance with an earlier order. The Resolution Professional is allowed to hand over records to the Successful Resolution Applicant, and parties are directed to implement the plan diligently.

Issue 2: Determination of corporate insolvency resolution process cost
The only question to be resolved is the corporate insolvency resolution process cost. The Appellant claims to have paid the amount and has provided a table of payments as evidence. The Tribunal directed the filing of detailed affidavits by the Appellant and the Committee of Creditors within a week to address this issue further.

Issue 3: Handover of records to the Successful Resolution Applicant
In light of the developments, the Resolution Professional/Liquidator is instructed to hand over records, control, etc., to the Successful Resolution Applicant, Liberty House Group Pte. Ltd. Both parties are required to ensure the implementation of the plan in its entirety, with the remaining issues to be decided at the next hearing scheduled for a specific date.

Issue 4: Filing of detailed affidavits by the Appellant and Committee of Creditors
The Tribunal ordered the Appellant and the Committee of Creditors to file detailed affidavits within a week. This requirement aims to provide additional information and clarification regarding the payment of the corporate insolvency resolution process cost and any other relevant matters.

Issue 5: Next hearing date and disposal of the appeal
The case is scheduled for orders on 3rd March 2020 before the 1st Bench, listed at the top. The Tribunal anticipates the appeal to be disposed of on the next date, indicating a swift resolution of the pending issues and a decision on the matter at hand.

Issue 6: Compliance with the Resolution Plan and withdrawal of complaint before the Special Judge
The judgment highlights that the Appellant, Liberty House Group Pte. Ltd., has complied with the Resolution Plan. Consequently, the Appellant is permitted to approach the Insolvency and Bankruptcy Board of India to request the withdrawal of the complaint before the Learned Special Judge in Cuttack. The Appellant is also advised to inform the relevant judicial authorities not to proceed with the offense cognizance.

This detailed analysis of the judgment addresses all the issues involved comprehensively, outlining the decisions made by the Tribunal and the actions required by the parties to resolve the matter effectively.

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