9911796707
TMI Blog2019 (11) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... roved in favour of M/s. Liberty House Group Pte Ltd. ( Successful Resolution Applicant ) was not acted upon. When the question of implementation of the approved Resolution Plan of M/s. Liberty House Group Pte Ltd. was taken up by the Resolution Professional , it was stated that in spite of e-mail sent on 5th September, 2018 and detailed e-mail on 12th September, 2018, no favourable response was received by M/s. Liberty House Group Pte Ltd. whose plan has been approved by impugned order dated 25th July, 2018. The liquidator is now required to collate and settle the claim(s) as empowered under Section 35 (j), after access of information under Section 37 thereafter required to consolidate the claim under Section 38 and after verification of claims under Section 39 may either admit or reject the claim or part thereof under Section 40. Thereafter, if any person aggrieved against the decision of the liquidator may prefer an appeal under Section 42 before the Adjudicating Authority. It is not required to pass any order on merit as the matter is required to be determined afresh by the liquidator - appeal disposed off. - Company Appeal (AT) (Ins) No. 480 of 2018 With Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim or part thereof. It was in this background, the aforesaid applications being CA Nos. 61, 77, 177, 178 and 72 of 2018 were preferred by the Appellant Banks under sub-section (5) of Section 60 of the I B Code . 4. The Adjudicating Authority having not granted any relief, the appeals have been preferred by the Appellant Banks. 5. The Appellant- Madhur Engineers Pvt. Ltd. claimed to be Operational Creditor and also filed its claim before the Resolution Professional . According to this Appellant, it was duly admitted at ₹ 8,29,23,137/-. The Resolution Plan for Amtek Auto Ltd. though has already been approved but whose contents were not disclosed to the Appellant and, therefore, the Appellant is aggrieved by the impugned order dated 25th July, 2018. 6. Learned counsel appearing on behalf of the Appellants relied on Section 21(1) of the I B Code and submitted that the Interim Resolution Professional is required to collate all claims received against the Corporate Debtor . 5 7. Reliance has been placed on Section 25(2) (e) and submitted that it was the duty of the Resolution Professional to mainta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry that records the ownership of assets including- ( i) assets over which the corporate debtor has ownership rights which may be located in a foreign country; ( ii) assets that may or may not be in possession of the corporate debtor; ( iii) tangible assets, whether movable or immovable; ( iv) intangible assets including intellectual property; ( v) securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies; ( vi) assets subject to the determination of ownership by a court or authority; ( g) to perform such other duties as may be specified by the Board. Explanation.-For the purposes of this section, the term ―assets‖ shall not include the following, namely- ( a) assets owned by a third party in possession of the corporate debtor held under trust or under contractual arrangements including bailment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors and guarantors of the corporate debtor; ( c) displayed on the website, if any, of the corporate debtor; ( d) filed with the Adjudicating Authority; and ( e) presented at the first meeting of the committee. 14. Determination of amount of claim.- ( 1) Where the amount claimed by a creditor is not precise due to any contingency or other reason, the interim resolution professional 13 or the resolution professional, as the case may be, shall make the best estimate of the amount of the claim based on the information available with him. ( 2) The interim resolution professional or the resolution professional, as the case may be, shall revise the amounts of claims admitted, including the estimates of claims made under sub-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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 17 the resolution process, whose administrative functions are overseen by the committee of creditors and by the Adjudicating Authority. 10. In view of the aforesaid position, on the ground that the Resolution Professional has wrongly decided the claims of the Appellant Banks by rejecting their claims, the application under Section 60(5) was preferred by the Appellants, which according to the Appellants have not been properly adjudicated by the Adjudicating Authority. 11. Learned counsel appearing on behalf of the Resolution Professional supported the action taken by him. 12. The impugned order dated 25th July, 2018 fell for consideration before this Appellate Tribunal in Committee of Creditors of Amtek Auto Ltd. through Corporation Bank Vs. Mr. Dinkar T.Venkatasubramanian Ors. etc.─ Company Appeal (AT) (Insolvency) Nos. 219, 442 and 443 of 2019 wherein this Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
