9911796707
TMI Blog2018 (10) TMI 1624X X X X Extracts X X X X X X X X Extracts X X X X ..... n consultation with the COC members, the same not having happened, we are of the view that some immediate Steps have to be taken so as to let this company continue as going concern at least until further steps are being taken by the Resolution Applicant. So far the interest of the Financial Creditors has not been cleared by the Resolution Applicant, we hereby suggest the Resolution Professional to constitute interim Monitoring Committee with the officials Of State Bank of India, Union Bank of India, Punjab National Bank, Allahabad Bank and Andhra Bank, thereafter the Resolution Professional shall discharge the functions of the Corporate Debtor as per the instructions of the Monitoring Committee until further orders. X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with the Approved Resolution Plan; (c) That this Hon'ble Tribunal be pleased to direct the Respondents to bear costs of this Application; and (d) For such other orders as this Hon'ble Tribunal deems fit in the facts and circumstances of the case. 2) On perusal of this application as well as the Approved Resolution Plan, we have noticed that this RP has been requested to continue his duties and obligations as set out in the Code and CIRP Regulations; continue to have powers of the Board vested in him in accordance with the Code and Regulations; and manage the business of the Corporate Debtor acting on the sole instructions of the Monitoring Committee. And that the Monitoring Committee constituted shall have full and final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luded and the Resolution Professional has become functus officio on approval of the Resolution Plan, he could not exercise powers as before, therefore unless Monitoring Committee has been immediately constituted as set out in the Resolution Plan, there could not be any possibility to this Resolution Professional to carry the functions of the Company. Now, because the COC has ceased to continue after approval of the plan, the COC could not also supervise the functioning of the company as before. 5) On one side, the Resolution Professional has become functus officio, on the other, this Resolution Applicant has so far not come forward to constitute Monitoring Committee, to overcome this predicament, this applicant has sought reliefs as mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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