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TMI Blog2018 (9) TMI 1828X X X X Extracts X X X X X X X X Extracts X X X X ..... n be raised against the seller at all. Even otherwise the alleged custom duty liability as imposed by the custom authorities vide order, got cancelled in pursuance to order dated 08.11.2017 passed by Hon'ble CESTAT. Tribunal is of the opinion that the resolution professional shall undertake the following actions, which makes it clear that the provision is a mandatory provision thus the prayer by the RP to dispense the public notice is not tenable. Application disposed off. - MA/362/IB/2018 MA/312/IB/2018 In MA/100/IB/2018 In CP/616/IB/CB/2017 - - - Dated:- 18-9-2018 - S. Vijayaraghavan And K.Anantha Padmanabha Swamy, JJ. For the Applicant : Shri.Jayanth Viswanathan, PCS For the OC : Shri.N.KBhansali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly. The R_P has stated that this would protect the interest of the OC. 4) The COC has set an eligibility criteria to the effect that there should be no change in the management of the CD. Since no person other than the present management would meet this eligibility criteria, the COC seeks direction for waiving the requirement of public invitation. 5) The Applicant has prayed for the following; a) The basis for reckoning the claim of the Operational Creditor in the absence of valid supporting unpaid invoices for the claim b) If the interest of the Operational Creditor can be protected by way of a Bank Guarantee from the Financial Creditor, subject to the outcome of the judgment by the High Court of Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied in declaring the debt of ₹ 2,39,33,935/- claimed by the Applicant as disputed on account of alleged debit notes, in spite of the such debt is held as undisputed by the this Tribunal while passing the order for initiation of IBC proceedings, which is affirmed by the Hon'ble NCLAT as well as by the 1--lon'ble Supreme Court, while dismissing the appeal in the matter? f) Whether the RP is Justified in reduction of the claim of the Applicant merely on the basis of alleged debit notes provided by the Corporate Debtor in respect of certain custom duty litigation pending at Hon'ble Supreme Court in respect of certain High Seas Sales earlier made by the Applicant to the Corporate Debtor, without verifying the existen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ier during the year 2011-12. 9. The right/title over the goods under question as appearing on bill of lading/other import documents were transferred in favor of buyer in pursuance to High Seas sale agreements and as per the agreements, the buyer is under obligation to meet custom obligations whatsoever arises in the matter, no recourses/claim in this connection can be raised against the seller at all. Even otherwise the alleged custom duty liability as imposed by the custom authorities vide order, got cancelled in pursuance to order dated 08.11.2017 passed by Hon'ble CESTAT. The OC has prayed for the following in the reply a) The present application MA/312/IB/2()18 be dismissed with severe costs as the vari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, namely:- (h) invite prospective resolution applicants, who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans. In view of the above section the Tribunal is of the opinion that the resolution professional shall undertake the following actions, which makes it clear that the provision is a mandatory provision thus the prayer by the RP to dispense the public notice is not tenable. With the above directions, the Application MA/312/IB/2018 In MA/100TIB/2018 In CP/616AB/CB/2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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