9911796707
TMI Blog2021 (5) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... n though Appeals have been preferred up to the highest Court of the land, no worthwhile relief has been granted to the Applicants herein. A Resolution Plan which stood approved by this Tribunal as per the averments contained by the 1st Respondent has been fully implemented in as much as the claimants have been settled as envisaged under the Resolution Plan. Pertaining to the allegations as made against the conduct of the Resolution Professional, it is required to be noted that the appropriate Authority for consideration of the same is the Regulator viz., IBBI, if at all the Applicants have any grievance, the same is required to be made with the IBBI in the capacity as a Regulator and not before this Tribunal so that if it is found true, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances the Applicants came to know of the serious flaws and mistakes committed by the Resolution Professional, particularly in regard to the calculation of liability pertaining to the Sales Tax and dues to the Electricity Board. 3. It is also brought to the notice of this Tribunal that State Government through the Sales Tax Department had proceeded to file a case against the RP for wrongful calculation of Tax and that the same had also been permitted by the Hon'ble NCLAT, which fact also came to be known by the Applicants only in the last week of October 2019, when these Applicants were permitted to inspect the records, effectively a Chinese wall mentality has been created, it is alleged as against the Resolution Professional in shutt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought to the notice of this Tribunal that the Section under which the Applicants have sought to invoke the main Application itself is not sustainable as Section 87 of the IBC, 2016 is falling under Part III of IBC, 2016 being applicable to Insolvency Bankruptcy for individual and partnership firm. 8. In the circumstances, the Applicants, it is contended, have not chosen to explain as to how they are eligible to file an Application under Section 87 of IBC, 2016 pertaining to the main reliefs sought for. It is also highlighted by the 2nd Respondent in its affidavit in reply that no reason has been provided for the delay and the only ground alleged in the Application is that delay was due to administrative reasons, which it is strongly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Plan was fully implemented and that the commercial production was started in the Paper Mill on 19.02.2020 and that all payments have been made to all the Creditors including Government Departments. Further the 2nd Respondent had also released the charge as reflected in the RoC being a Secured Creditor. 13. Taking into consideration all the above, it is submitted that allegations as made by the Applicants are incorrect and false even taking into consideration the averments and allegations made in the main Application. Further allegations are also made in relation to non-submission of EoI before the last date of 10.02.2019 as fixed for the CoC by the Applicants and that they have also failed to remit the EMD amount of ₹ 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of IBC, 2016 even though Appeals have been preferred up to the highest Court of the land, no worthwhile relief has been granted to the Applicants herein. 17. However, in this order we are not venturing into the merits of those Applications and we have detailed the above facts only to bring to light that a Resolution Plan which stood approved by this Tribunal as per the averments contained by the 1st Respondent has been fully implemented in as much as the claimants have been settled as envisaged under the Resolution Plan. Pertaining to the allegations as made against the conduct of the Resolution Professional, it is required to be noted that the appropriate Authority for consideration of the same is the Regulator viz., IBBI, if at all the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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