9911796707
TMI Blog2019 (12) TMI 1354X X X X Extracts X X X X X X X X Extracts X X X X ..... it is the bounden duty on the part of the Interim Resolution Professional to issue paper publication calling for the claims from the Creditors in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, within 3 days from the date of receipt of the copy of the Order and he cannot hold his hands from issuing the said publication under any circumstance. Since this Tribunal as Adjudicating Authority, does not have the power to take action against the Interim Resolution Professional/Resolution Professional/Liquidator, we are constrained to forward this Order along with MA/1327/2109 to the IBBI being the Regulator for a suitable action to be initiated ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the other compliances including causing paper publication to be effected in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, within a period of 3 days from the said Order calling for claims from the Creditors of the Corporate Debtor in terms of the I B Code, 2016. 2. However, instead of complying with the above directions in the said Order passed by this Authority as well as in terms of I B Code, 2016, the instant Application has been filed by the Interim Resolution Professional with the following prayers:- On Friday 22nd November 2019 at around 4.55 pm the order of the NCLT, Chennai Bench in CP/1439/IB/2018 appointing me as Interim Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... day the 25th November 2019 a meeting was organized at my office, wherein Mr. W. KABEER AHMED, Director of Corporate Debtor, his counsel, and Mr. PREETAM MARDIA, proprietor of Operational Creditor met and arrived at the settlement and drafted the Memorandum of Settlement after handing over the amount due to the Operational Creditor in full and final settlement. The Operational Creditor also accepted to sign and file necessary Form FA for withdrawal of the petition IB/1439/2018 filed with NCLT Divisional Bench-1, Chennai. In view of the settlement having been arrived at, all the parties requested me to withhold filing of public announcement and requested me to file the recall of petition. Impact of not filing the public announcement and its c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional appointed by this Authority has clearly exceeded his powers as vested with him under the provisions of I B Code, 2016 and also in not complying with the directions specifically issued by this Authority in relation to the paper publication based on the instructions received from the parties to the proceedings. It is required to be noted that the Interim Resolution Professional appointed by this Authority basically are the Officers appointed by this Authority and are required to get instructions only from this Authority and to act in accordance with the provisions of I B Code, 2016 and not to digress from the same. However, as already seen, in the instant Application it is seen that the Interim Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the provisions of I B Code, 2016. As has been held by the Hon'ble NCLAT in Dhinal Shah Vs. Bharati Defence Infrastructure Ltd. 8B Anr., in Company Appeal (AT) (Insolvency) No. 175 of 2019 since this Tribunal as Adjudicating Authority, does not have the power to take action against the Interim Resolution Professional/Resolution Professional/Liquidator, we are constrained to forward this Order along with MA/1327/2109 to the IBBI being the Regulator for a suitable action to be initiated against the Interim Resolution Professional as contemplated under the Scheme of the I B Code, 2016 and the Regulations framed there under by IBBI, as may be warranted in the circumstances. With the above directions, this Application is accordingly, order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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