9911796707
TMI Blog2021 (9) TMI 1208X X X X Extracts X X X X X X X X Extracts X X X X ..... he Resolution Professional : Mr. Shikhil Suri, Advocate ORDER Per : Shyam Babu Gautam, Member (Technical) 1. This is an application filed by Mr. Pradeep Suresh Kalbhor, the Attorney Holder authorized vide Power of Attorney on behalf of the employees of the Respondent No.1 being aggrieved by the contravention of the terms of the Resolution Plan as approved by this Tribunal vide its Order dated August 1, 2019, Seeking following prayers. (a) Allow the present Application under Section 33(3) of the Insolvency & Bankruptcy Code; (b) Pass an Order under Section 33(4) of the Insolvency & Bankruptcy Code, 2016 to liquidate the Corporate Debtor; (c) Appoint a Liquidator from the panel of Liquidators registered with the Insolvency & Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inted as the Monitoring Agency for the implementation of the Resolution Plan. 6. The Respondent No.5, 6 and 7 are the erstwhile Directors of the Corporate Debtor, i.e. the Respondent No.2 company. Brief Background: 7. The Financial Creditor, being the Karad Urban Co-operative Bank Ltd. Initiated an Application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor for a default of Rs. 28,46,86,768/- (Rupees Twenty-Eight Crores Forty-Six Lakhs Eighty-Six Thousand Seven Hundred Sixty-Eight Only). After hearing the parties, this Tribunal was pleased to admit the said Application and initiated Corporate Insolvency Resolution Process and appointed an Interim Resolution Professional. 8. During the course of CIR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be paid within a period of 180 days from the effective date, i.e. August 1, 2019. Thus, the Respondent No. 1 was expected to repay the pending dues of the Employees and workers on or before January 28, 2020. 11. It was only at his point that the said Employees gained knowledge that out of their cumulative claim of Rs. 87,39,196/-, the Resolution Professional only admitted a claim to the tune of Rs. 70,00,000/- (Rupees Seventy Lakhs Only) without attributing any explanation to the said Employees in respect of the rejection of their partial claim. The said Employees, being unaware of the entire process of the Insolvency & Bankruptcy Code, 2016 were not in a position to take any action at that time, and being in need of money, resumed their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dues. Section 32A is retrospective in operation. We also examine the facts of the case in the lights of Hon'ble Supreme Court in the matter of "Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and Ors. (2019 SCC OnLine1478)" held that: 88. .......... A successful resolution Applicant cannot suddenly be faced with "undecided" claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution Applicant who successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution Applicant knows ..... X X X X Extracts X X X X X X X X Extracts X X X X
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