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TMI Blog2019 (5) TMI 1469X X X X Extracts X X X X X X X X Extracts X X X X ..... alled its order so that the IRP/RP could take over the assets of the corporate debtor in the exercise of its mandate under the Insolvency Bankruptcy Code, 2016. The appointment of the two Court Commissioners vide order dated 15.11.2018 is recalled - impugned order set aside - the IRP/RP is directed to act in exercise of the power vested in it by the Insolvency Bankruptcy Code, 2016. Petition disposed off. - W.P. (C) No. 5467/2019 - - - Dated:- 20-5-2019 - Mr Vipin Sanghi And Ms. Rekha Palli, JJ. ORDER C.M. No.23979/2019 1. Exemption allowed, subject to all just exceptions. W.P.(C) No.5467/2019 1. Issue notice. Mr.Vijay Kumar, Advoca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts plant, machinery, mortgaged properties and stocks of grain etc., and prayed for an early hearing. Pertinently, the Canara Bank, which is the lender and the initiator of the Original Application, also consented to the said application being allowed. However, the DRAT did not consider the application for early hearing moved by the IRP/RP and the proceedings were adjourned. Consequently, the corporate debtor acting through the IRP/RP, preferred W.P(C) No.3619/2019 before this Court, which writ petition was disposed of by us vide order dated 01.04.2009 in the following terms:- Though notice could not issue in view of paucity of time, the respondents are represented. Mr. Vijay Kumar appears on behalf of respondent No.1 and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the interim, we permit the Resolution Professional to inspect the premises and the goods lying therein, and to make an inventory of the same. He is also permitted to inspect the records. The said inspection shall be carried out in the presence of the officers of the Canara Bank as well as the receivers appointed by the learned DRAT. The receivers shall de-seal the premises so that the Resolution Professional is able to enter the same and carry out the aforesaid activities. In case, the DRAT does not dispose of the applications preferred by the Resolution Professional within one week, we grant liberty to Resolution Professional to move an application in the present petition. The petition stands dispo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es which may be available to it in law for enforcement of its rights and fulfillment of its obligations as Resolution Professional in the matter. The application of Sidhartha Global Pvt. Ltd. will remain pending till the moratorium period does not expire. The grievances in the said application are kept open to be considered at appropriate stage. 4. The submission of learned counsel for the petitioner is that the view taken by the learned DRAT is not legally correct. He submits that Section 14 of the Insolvency Bankruptcy Code, 2016, only imposes a moratorium and prohibits the institution of pending suits or proceedings against the corporate debtors. However, there is no prohibition against the undertak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel has also drawn our attention to Section 18 of the Insolvency Bankruptcy Code, 2016 which entitles the IRP/RP to monitor the assets and take control and custody of the assets of the corporate debtor. 6. Since the respondent no.1/Bank has also expressed its willingness to the IRP/RP taking control of all the assets, including the perishable assets of the corporate debtor, there is no real contest in the present case. We have considered the submissions of learned counsels and are of the view that the DRAT was not powerless to modify its own order whereby the two court commissioners had been appointed to take over control of the assets of the petitioner/corporate debtor. In the facts of the case, the learned DRAT should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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