9911796707
TMI Blog2021 (1) TMI 1031X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) To grant any other equitable relief(s) as the Tribunal deems fit and proper. 2. The facts in brief are as under: - M/s. Prayag Private Limited, (Operational Creditor), filed IBA/52/KOB/2019 for initiation of Corporate Insolvency Resolution Process against the Respondent M/s. Propyl Packaging Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016.This Tribunal admitted the Application vide order dated 14.02.2020 and appointed Mr. George Varkey as the Interim Resolution Professional. The first meeting and the second meeting of the Committee of Creditors were convened on 13.03.2020 and 03.08.2020 respectively. In the second meeting, the CoC resolved to appoint the Interim Resolution Professional as the Resolution Professional. The third meeting of the Committee of Creditors was convened on 16.09. 2020.The status of the valuation report, amount incurred towards CIRP Cost, and filing Annual Returns, Insurance Policy of the Company etc. were discussed in the third meeting of Committee of Creditors. 3. The Applicant submitted that they be allowed to take assistance of his Advocate, Chartered Accountant and Company Secretary and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Regulation 24, the IRP/RP is not allowed to permit any other person to participate in the meeting of Committee of Creditors and he has to ensure that no other person is attending other than the person as provided under Sections 21 and 24 of the IBC, 2016. 7. The Resolution Professional further stated that the Advocate, Chartered Accountant and the Company Secretary of the Corporate Debtor has no right to attend the meeting of the Committee of Creditors. Under Section 17(2) (d) of IBC, the IRP/RP has the authority to access the books of accounts and other relevant documents of the Corporate Debtor available with statutory auditors, accountants and Section 19 of the IBC provides that, the personnel of the Corporate Debtor, its promoters or any other person associated with the management of the Corporate Debtor shall extend all assistance and co-operation to the IRP/RP as may be required by him in managing the affairs of the Corporate Debtor. Hence, if any assistance is required by RP from the Promoters, Advocate, Chartered Accountant and Company Secretary, he shall seek their assistance as and when required. However, for the conduct of the CIRP, it is the discretion of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riental Bank of Commerce (Company Appeal (AT) (Insolvency) No. 1417 of 2019.) * M/s. Innoventive Industries Ltd Vs. ICICI Bank (Civil Appeal Nos. 83378338 of 2017). * Union of India, Ministry of Corporate Affairs Vs. Infrastructure Leasing and Financial Services Limited & Ors. (NCLT Mumbai Bench in M.A. 2071/2019 in C.P. No. 3638/2018). * Metaliks Limited Vs. Union of India (2017 SCC Online Cal 2749). * M/s. Subasri Realty Private Limited Vs. Mr. N. Subramanian & Anr. (Company Appeal (AT) (Insolvency) No. 290 of 2017). * Steel Konnect (India) Private Limited Vs. M/s. Hero Fincorp Limited. (Company Appeal (AT) (Insolvency) No. 51 of 2017). * NUI Pulp and Paper Industries Pvt. Ltd. Vs. M/s. Roxcel Trading GMBH (Company Appeal (AT) (Insolvency) No. 664 of 2019). * Vijay Kumar Jain Vs. Standard Chartered Bank & Ors. (Civil Appeal No. 8430 of 2018) 11. The circumstances under which the issue arose in the aforementioned cases are not relevant to the issue raised by the Applicant in this M.A.. 12. The above finding of this Tribunal leads us to another question, as to whether any other professional can attend the meeting of Committee of Creditors without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sponsibility to monitor and manage the operations and assets of the enterprise. The professional will manage the resolution process of negotiation to ensure balance of power between the creditors and debtor, in order to protect the rights of all creditors. The professional has to ensure the reduction of asymmetry of information between creditors and debtor in the resolution process. 14. To get further clarity on this issue, this Tribunal gone through Section 24 of the Insolvency and Bankruptcy Code, 2016 which reads as under: Section 24: Meeting of committee of creditors. (1) The members of the committee of creditors may meet in person or by such electronic means as may be specified. (2) All meetings of the committee of creditors shall be conducted by the resolution professional. (3) The resolution professional shall give notice of each meeting of the committee of creditors to- 3(a) members of 1[committee of creditors, including the authorised representatives referred to in sub-sections (6) and (6A) of section 21 and subsection (5)]; (b) members of the suspended Board of Directors or the partners of the corporate persons, a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
