9911796707
TMI Blog2020 (3) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... ty and are absolute negligence on the part of the Operational Creditor and as well as the IRP. The Operational Creditor in its own interest and acting on behalf of the other creditors, the CIRP being a proceeding in rem had to communicate the same to the IRP/Applicant for proceeding with the CIRP which has not been done in this case. Penalty on IRP - HELD THAT:- In the case of M/s. Takkshill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 until 1 3th December 2019 and thus render Justice. b. Pass such other or further Orders as this Hon'ble Tribunal may deem fit and Proper in the facts and circumstances of the case and thus render Justice. The averments contained in the Application and in Support of reliefs disclose that the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor was initiated by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the appointment itself is not based on the consent given by the IRP and it has been made from the panel of the IRP as circulated by the Insolvency and Bankruptcy Board of India (IBBI) to the respective Benches. It is also represented by the Ld. Counsel for the IRP/Applicant that Rule 50 of the NCLT Rules, 2016 stipulates that the Registry of this Tribunal is required to communicate to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r passed by this Tribunal was not communicated immediately to the IRP/Applicant, the Counsel for the Operational Creditor was net in a position to answer the same before this Tribunal. The communication it is seen was made only on 27.11.2019 and all the above facts points out to an all around dereliction of duty and are absolute negligence on the part of the Operational Creditor and as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itude of the IRP in not taking up the assignment in earnest even though having given the consent to the IBBI for the reasons stated therein and vide the said Order even though innposed penalty/fine upon the Interim Resolution Professional in the saicd case, however, the Appellate Tribunal had chosen to waive the fine imposed by this Tribunal and stated that if any dereliction of the duties on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
