9911796707
TMI Blog2019 (4) TMI 1191X X X X Extracts X X X X X X X X Extracts X X X X ..... es without any valid or tenable reasons. The change of RP must be rational/tenable/reasonable and not at the whims and fancies of the COC. Application for the change of IRP and to appoint Mr. Santanu T Ray as RP is rejected as the Bank consisting of 100% COC had thoroughly failed to put forth any tenable or valid or genuine reasons for the same and thus it is held that the COC is not vested with the absolute power to change the IRP without any valid or tenable reasons particularly when the Adjudicating Authority after considering the contentions on both sides and expresses an opinion to continue the IRP as RP, and accordingly the present IRP is confirmed as RP of the Corporate Debtor. Application dismissed. - M.A. No. 1626/2018 In C.P. No. 587/I&BP/2018 - - - Dated:- 13-3-2019 - Mr Bhaskara Pantula Mohan, Member (Judicial) And Mr V. Nallasenapathy, Member (Technical) For The Applicant : Advocate Anil D Souza a/w Adv. Harshal Damania Advocate Rubina Khan i/b Fortis India Law ORDER Per: Bhaskara Pantula Mohan, Member (Judicial) 1. On the Application moved by Committee of Creditors (COC), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e licensee and the same is completely detrimental to interest of the COC during Corporate Insolvency Resolution Period. He is ideally supposed to collect the same and keep the same into some FDR or highest interest bearing A/c on a regular basis. A copy of the said letter dated 13.10.2018, is hereto annexed and marked as Annexure IV. e. He has been claiming exorbitant fees to act as an IRP over and above the permitted by the COC in its meetings. f. He similarly quoted the exorbitant professional fess of third party professional like Forensic Audit Agency, Lawyers, valuers etc. which is over and above the limit approved by the COC in its meeting. Even services of such professional were availed without seeking any approval from the COC. A copy of a letter dated 20.11.2018 from Khare Legal Chambers is attached hereto and annexed as Annexure-V. 2. We have gone through the above affidavit which is dated 29.01.2019 but the fact remains that the application for change of IRP was filed on 19.12.2018 itself after this Bench had suggested the Axis Bank to continue the IRP as RP. In the open court, we have questioned the IRP as regards the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he delicate security situation on the part of the applicant in the main Company Petition No. 587/2018, we are not in a position to reproduce the entire details. However, in the course of proceedings of this Misc. application for the change of IRP, having noticed certain fraudulent activities on the part of the Directors/Promoters of the Corporate Debtor and its group companies, we have directed the officials of the Axis Bank to meet us in Chambers. At the same time, we have directed the IRP to file in a sealed cover details containing all confidential information with necessary supporting documents, if any, into the Court. Accordingly, the IRP Mr. S Gopalakrishnan had filed a bunch of papers which goes to show that the suspended Directors of the Corporate Debtor/its Group Companies were involved in various nefarious, illegal and fraudulent activities against whom there is an investigation going on by the CBI. 4. On 04.02.2019, when we took up the proceedings in Camera and one Mr. Ray, Vice President of the Axis Bank along with their Counsel and the IRP Mr. S Gopalakrishnan and his Counsel were present. We brought it to the notice of Mr. Ray of Axis Bank, the necessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case in as much as a new person in his place may not be in a position to pursue the objective of bringing out the fraudulent acts of the Corporate Debtor to the notice of the public authorities. We have carefully gone through the facts and circumstances of this case and we found Mr. S. Gopalakrishnan is performing his job diligently and had made lot of efforts to go very deep into the matter and was willing to take appropriate steps to take the matter forward into the hands of the Investigation Authorities in public and national interest. That is the exact reason which compelled us to make a serious effort to convince the Bank Authorities for continuing Mr. S. Gopalakrishnan as RP particularly in the circumstance of the case wherein the change of RP who is new to the whole case and requires more time and effort to proceed with the Insolvency Process and the continuance of the IRP is easy as there are no tenable negative issues that would come against him. In view of the vehement and unprofessional attitude on the part of the said Bank Officer Mr. Ray, who is hell bent upon appointing one Mr. Santanu T Ray and failure on his part to furnish any tenable reason for change of IRP, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
