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TMI Blog2019 (2) TMI 1660X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor) the respondent 'Bharat Heavy Electricals Ltd.' (BHEL) (Operational Creditor) filed an application before the 'Resolution Professional' to admit the entire claim of Rs. 977,49,97,545/- along with interest. The 'Resolution Professional' on consideration of the same, had not accepted part of the claim. 2. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench by impugned order dated 12th October, 2018 while determined to 'inventory cost' etc. held that the 'Resolution Professional' wrongly disallowed the substantial claim in its entirety and directed the 'Resolution Professional' to re-examine the claim on the basis of the accounts and evidence of BHEL and if the evidenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stantiating the whole or part of its claim." xxx xxx xxx "12. Submission of proof of claims.- (1) Subject to sub-regulation (2), a creditor shall submit claim with proof on or before the last date mentioned in the public announcement. (2) A creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the interim resolution professional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date. (3) Where the creditor in sub-regulation (2) is a financial creditor under regulation 8, it shall be included in the committee from the date of admission of such claim: Provided that such inclusion sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regulation (1), as soon as may be practicable, when he comes across additional information warranting such revision." 87. It is clear from a reading of these Regulations that the resolution professional is given administrative as opposed to quasi-judicial powers. In fact, even when the resolution professional is to make a "determination" under Regulation 35A, he is only to apply to the Adjudicating Authority for appropriate relief based on the determination made as follows: "35A. Preferential and other transactions.-(1) On or before the seventy-fifth day of the insolvency commencement date, the resolution professional shall form an opinion whether the corporate debtor has been subjected to any transaction covered under sections 43, 45 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n nature, and which can be appealed against to the Adjudicating Authority under Section 42 of the Code. 90. Unlike the liquidator, the resolution professional cannot act in a number of matters without the approval of the committee of creditors under Section 28 of the Code, which can, by a two-thirds majority, replace one resolution professional with another, in case they are unhappy with his performance. Thus, the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and by the Adjudicating Authority." 6. The present case being covered by the decision of the Hon'ble Supreme Court in 'Swiss Ribbons Pvt. Ltd. & Anr.' (Supra), we are not incline ..... X X X X Extracts X X X X X X X X Extracts X X X X
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