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TMI Blog2018 (2) TMI 1970X X X X Extracts X X X X X X X X Extracts X X X X ..... a Corporate Debtor by invoking the provisions of section 9 of The Code. As per the statement made before us by the RPI no other case is pending against IL FS in the capacity of a Corporate Debtor. The language of Section 60(2) and other allied provisions of The Code has no ambiguity that no two parallel Insolvency Proceedings must run against a Corporate Debtor. Hence a clarification is needed in this case that S.N. Plumbing has not submitted the impugned Petition before the respected NCLT Bench, Hyderabad in the capacity of a Corporate Debtor but undisputedly, the said Petition is filed in the capacity of an Operational Creditor by submitting Form No.5 as prescribed under The Code - We have been informed that the impugned Petition is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 83,65,263/-. In this M.A. it is Prayed that directions be issued by NCLT Mumbai Bench to proceed against the Corporate Debtor IL FS Engineering of the Creditor S.N. Plumbing. 3. To decide this Application, we have perused the provisions of Section 25 of The Code wherein prescribed the Duties of Resolution Professional . The Section says that it shall be the duty of the Professional to preserve and protect the Assets of the Corporate Debtor. For that purpose, the Professional shall undertake certain actions viz, to represent and act on behalf of the Corporate Debtor with Third Parties, exercise rights for the benefit of the Corporate Debtor in any Judicial Proceedings. (Refer Section 25(2)(b)). 4. In view of the above disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der The Code. It is to be emphasised at the cost of repetition that the impugned Petition before NCLT, Hyderabad is not a Petition against S.N. Plumbing as a Corporate Debtor but the Petition is filed by the S.M. Plumbing in the capacity of Operational Creditor. We have been informed that the impugned Petition is filed by the Resolution Professional on behalf of S.N. Plumbing. This action of the Resolution Professional is a right recourse for managing the affairs of the financially stressed Company. 6. The proceedings initiated against the Debtors of S.N. Plumbing is therefore a justifiable action of the Insolvency Resolution Professional hence duly approved by us. Interalia, the Miscellaneous Application is allowed. - - TaxTMI - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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