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TMI Blog2020 (2) TMI 1504X X X X Extracts X X X X X X X X Extracts X X X X ..... tted by appointing Mr. Balasubramanium Govindrajan as an IRP. The IRP was subsequently appointed as resolution professional and he continued the process and complete the CIRP but unable to obtain a resolution plan dissolved assets of the corporate debtor and thereby filed the final progress report dated February 13, 2020 recommending to pass an order of liquidation. 2. When the final progress report was under consideration regarding passing an order of liquidation as there was no resolution plan forthcoming for resolving the assets of the corporate debtor. One of the directors of the suspended board of the corporate debtor has filed C. A. (IB) No. 1633/KB/ 2019 without quoting any of the provisions of the Code and Regulations nor the Rules of National Company Law Tribunal. It seems to have been filed by one of the director who is allegedly authorized signatory of the corporate debtor under the seal of the corporate debtor-company praying for recalling the order of admission reiterating the objections raised by the corporate debtor in the reply affidavit and the supplementary affidavit filed in the CP. 3. It is further contended that this Adjudicating Authority has committed mista ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te being written as the disputed amount won't fall under section 18 of the Limitation Act. The said note is extracted below : Disclosure in auditors report relating to default in repayment of financial dues. 'In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions, banks and debenture holders except the secured term loan from State Bank of India of Rs. 33,49,92,064 which has been declared by the bank as a non-per forming assets. The same has been disputed by the company in the High Court'. 20. Referring to the civil suit pending before the High Court, he further would submit that the declaration of NPA is under challenge and therefore that is not an acknowledgment of dues. We are not at all convinced by the argument advanced by learned counsel for the corporate debtor. The challenge regarding declaration of account of the corporate debtor as NPA has nothing to do with the case in hand. As per the civil suit pending for consideration, the corporate debtor challenged the procedure followed by the financial creditor in declaring the account as NPA. This is not a case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent on the face of records or mistake in applying the law of the land as on the date of passing of the order and therefore, the application filed at the fag-end of the expiry of CIRP period of 180 days praying for recalling the order for re-agitating the already entertained issues could not be allowed. This Adjudicating Authority has no power to recall or re- appreciate the evidence already led. Even if this Adjudicating Authority has committed any judicial mistake, it was right of the applicant to approach the higher authorities by preferring an appeal, the attempt of the corporate debtor is to abuse the process of law without exhausting its remedy. This application is therefore liable to be dismissed with costs. Being satisfied that the objections raised on the side of the corporate debtor in passing the order of liquidation as there was no resolution plan forthcoming before the expiry of CIRP period of 180 days, which expired on February 4, 2020. The question is whether an order of liquidation could be passed as prayed for by the learned RP. 7. The learned RP submits that since no resolution plan was received till January 22, 2020, i. e., till the last date for receipt of reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... senior counsel for the RP, instead of giving the said information to the RP, the directors of the suspended board of corporate debtor and their team have been indulging in making numerous baseless allegations against the RP and disturbing his functioning and despite directions issued by the Adjudicating Authority, they did not co-operate but raised the false contention by filing reply to the application filed under section 19(2). 9. In the above said backgrounds, learned senior counsel appearing for the RP submits that since the period has elapsed, there is no chance of getting prospective resolution applicant who turned up or it is fair and just to pass an order of liquidation. The CoC consists of only one financial creditor, who is the applicant-State Bank of India. It opted not to get an order of extension and it further submits that the CoC has decided to replace the existing RP by Mr. Sanjay Kumar Agrawal, whose written consent has been given for continuing as the liquidator and that the RP Mr. Balasubramanium Govindarajan showed his unwillingness to continue due to health reasons. Accordingly, Mr. Sanjay Kumar Agrawal is to be appointed as the liquidator and since no resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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