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TMI Blog2020 (12) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... l intent and purposes - Thus, when the Corporate Debtor is under CIRP, under such circumstances, the dispute with regard to the oppression and mismanagement cannot be dealt with as the management itself is suspended and now the Company is under the control of IRP/RP. Once it is admitted under IB Code initiating CIRP, which may end, either in approval of a resolution plan or an order for liquidation of the Corporate Debtor. Thus, under both situation, the management will never come again in the hands of the Suspended Management. Further, the decision to approve a resolution plan or to send the Company for liquidation rests with the commercial wisdom of the COC, which consists of the FCs as voting members. The commercial decision of the CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Act would be rendered infructuous or would be kept in abeyance till the conclusion of the CIRP. 4. The learned lawyer appearing on behalf of the Petitioner further submitted that the reliefs sought for in the present application are not only against the company i.e. M/s. Polygold Precured Systems Limited but also against the other individual i.e. the Company Secretary, Chartered Accountant and Registrar of Companies, Gujarat, Dadra and Nagar Haveli which survive independent of present proceeding. It is further submitted that the issue involved in the present petition is determination of correct shareholding of the Petitioner and thus the same have to be decided on merit. 5. The learned lawyer on behalf of the Respondent submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t further made a reference of the judgment of the Hon'ble Supreme Court in the matter of Innoventive Industries Ltd. (Corporate Debtor) Vs. ICICI Bank Ann, reported at (2017) 84 Taxmann.Com 320(SC), wherein, it is categorically held that under Section 17, the erstwhile management of the Corporate Debtor is vested in an Interim Resolution Professional, who is a trained person registered under Chapter IV of the Code. This Interim Resolution Professional is now to manage the operations of the Corporate Debtor as a going concern under the directions of a committee of creditors appointed under Section 21 of the Act. It is further held that the scheme of the IB Code is to make an attempt, by divesting the erstwhile management of its powers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the COC are not generally open to any analysis, evaluation or judicial review by the Adjudicating Authority. 12. Under such circumstances, even if the petition filed under Section 241-242 is kept in abeyance, then even it is not going to fulfil the objective of Section 241-242 of the Companies Act. Therefore, there is no reason for keeping the application filed under Section 241-242 be pending till the final outcome of the IB petition. Under such circumstances, the application so filed under section 241-242 does not survive and hence dismissed. ORDER in IA 341/2019 in CP 56/2018 Since, CP No. 56/2018 has been dismissed, the IA 341/2019 filed in CP No. 56/2018 become infructuous as not maintainable. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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