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TMI Blog2019 (3) TMI 451X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Corporate Debtor vide Inward Inspection Certificate dated 05.05.2017 vide IR No. 1/U5/R/001 to 007 to the Applicant herein; b) To restrain the Resolution Professional (i.e.) the Respondent herein from acting as the Resolution Professional in respect of the Corporate Debtor (M/s Cethar Limited) in so far as the Applicant is concerned without the leave of this Hon'ble Tribunal pending disposal of the criminal complaint lodged against him before the Inspector of Police, Law and Order, Cantonment - Tiruchirappalli under CSR No. 29/2018. " 2. It was submitted on behalf of the Applicant 'M/s Dynepro Pvt. Ltd.' that the material belongs to them which was sent to the Corporate Debtor who is 'M/s Cethar Ltd.' for doing job work at the instance of the Applicant Company and therefore the material in question do not belong to the Corporate Debtor. The application preferred by 'M/s Dynepro Pvt. Ltd.' was rejected by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai by order dated 24th April, 2018. 3. In the said Corporate Insolvency Resolution Process against 'M/s Cethar Ltd.' another CA/127/2018 was filed by 'M/s IU International Holdings PTE Ltd., Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant Company. 7. According to the Appellant the material in question do not belong to the Corporate Debtor and it belongs to 'M/s G. B. Engineering' which was entrusted to 'M/s Cethar Ltd.' (Corporate Debtor) for doing job work and therefore, it do not come within the meaning of "asset" of the Corporate Debtor. It is further submitted that the supply of boilers to third party was time bound, which having delayed the parties have already suffered and there are evidence on record including Inward Inspection Certificate dated 5th May, 2017 vide IR No. 1/U5/R/001 to 007 where the vendor's name is printed as M/s DPL/G.B. Engineering, which establishes the ownership of the materials supplied by M/s G. B. Engineering to the Corporate Debtor. FIR has also been lodged against the Resolution Professional for his ill treatment and misbehavior and matter has also been referred to the IBBI. 8. The Resolution Professional submitted that an email was sent to him on 3rd January, 2018 by the Managing Director of the Appellant Company (M/s Dynepro Pvt. Ltd.) referring letter dated 12th January, 2018 for said job order dated 6th October, 2017. But the said letter has not been enclosed with the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... released work order dated 18th April, 2017 in favour of 'M/s Dynepro Pvt. Ltd.' for consideration of Rs. 1.47 Crores. In pursuance of the sub-contract, work order dated 18th April, 2017, 'M/s G. B. Engineering Enterprises Ltd.' forwarded the said supplies by way of the same lorry to 'M/s Dynepro Pvt. Ltd.'. 'M/s Dynepro Pvt. Ltd.' is stated to have further sub-contracted the fabrication of the steam and mud drums to 'M/s Cethar Ltd.'. In this fashion the materials have been handed over to 'M/s Cethar Ltd.' (Corporate Debtor). 12. It was submitted that in the MOU, 'M/s G. B. Engineering Enterprises Ltd.' had admitted that it has completed a portion of the work as mandated under the purchase order dated 11th April, 2017 and semi-finished goods are with 'M/s G. B. Engineering Enterprises Ltd.' and it holds the title of the same. The MOU provided that 'M/s IU International Holdings PTE Ltd., Singapore' had assigned one USIPL with responsibility of completion of work on the semi-finished goods acquired from 'M/s G. B. Engineering Enterprises Ltd.'. As per said MOU, all legal and economic rights in the semi-finished goods from 'M/s G. B. Engineering Enterprises Ltd.' are of the Appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ears; financial and operational payment for previous two years, etc., as quoted below:- "18. Duties of interim resolution professional. - (1) The interim resolution professional shall perform the following duties, namely:- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to - (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such other matters as may be specified; (b) receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15; (c) constitute a committee of creditors; (d) monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors. (e) file information collected with the information utility, if necessary; and (f) take control and custody of any asset over which the corporate debtor has ownership rights as recor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any question of priority or any question of law and facts arising out of or in relation to the insolvency resolution or liquidation proceedings of the Corporate Debtor or corporate person under the code. Relevant portion of Section 60 is quoted below:- "60. (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate person is located. Xxx xxx ..... X X X X Extracts X X X X X X X X Extracts X X X X
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