9911796707
TMI Blog2022 (3) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... or was initiated shall pay a sum of ₹ 1,85,150/- towards the CIRP costs and expenses and ₹ 1,00,000/- towards fees of the IRP. CIRP process initiated against the Corporate Debtor New Town Grand Realtors LLP is closed - application dismissed. - IA(IB)/484/KB/2021, IA(IB)/1078/KB/2020 and IA(IB)/827/KB/2021 in C.P (IB) No. 466/KB/2019 - - - Dated:- 8-3-2022 - Rohit Kapoor, Member (J) And Harish Chander Suri, Member (T) For the Appellant : Sourav Jain, Adv. and Arun Kumar Gupta, PCA ORDER Harish Chander Suri, Member (T) 1. The Court is convened by video conference today. 2. This petition under section under 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor and assurance was given by him that he will return after 10-15 days and thereafter he will be able to provide the information and records. 4. It is further submitted that IRP contacted him time and again but no information or records has been provided till date. It is further submitted that the said Director of the Corporate Debtor did not disclose about his present address also. 5. It is further submitted by the IRP that public announcement to invite claim was also published in the Financial Express, Kolkata (English edition) Ekdin, Kolkata (Bengali edition) on 20.03.2020. It is further submitted that thereafter a nationwide lockdown started. It is submitted that the letters sent to the Directors at their residential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) No. 466/KB/2019. The CIRP process in respect of the Corporate Debtor may be closed and the IRP may be relieved of his assignment and duties. It is, however, submitted that the CIRP cost/expenses including fees of IRP of ₹ 2,85,150/- may be ordered to be paid by the Operational Creditor within 7 days of the date of the order. 9. The IRP has cited two orders in support of its arguments. It is submitted that in the case of S3 Electricals and Electronics Private Limited Vs. Brian Lau Anr. passed by Supreme Court of India in Civil Appeal No. 835 of 2018. The Hon'ble Supreme Court has held as under:- C.A. No. 835/2018: We have been shown Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the extent that these expenses are to be paid by the Corporate Debtor. The appeal is allowed to the aforesaid extent . 10. It is submitted that in the case of Om Logistics Limited Anr. Vs. M/s. Ryder India Pvt. Ltd. The NCLT New Delhi Bench has passed following orders:- 17. After hearing submissions of the Applicant/IRP, perusing his averments and documents placed on record, this Bench is of the view that the prayer made by the IRP for dissolution of the Corporate Debtor cannot be accepted since the Liquidation is a pre-requisite to the Dissolution and in the present case, no order of Liquidation has been passed due to absence of any such proposal and non-functioning of the CoC. 18. We observe that even if the ETO Bahadu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C] initiates the Insolvency Resolution Process fraudulently or with malicious intent for any purpose other than for the resolution of the insolvency, or liquidation, such an act is punishable under section 65(1) of IBC 2016. Hence, before taking any action under Section 65(1) IBC 2016, we think it proper to issue a show cause notice, under Rule 59 of the National Company Law Tribunal Rules 2016, on the Operational Creditor M/s. Om Logistics Ltd. through its Directors as to why the penalty as stipulated under Section 65(1) of IBC, 2016 shall not be imposed on it. Ld. Registrar NCLT is directed to issue the show cause notice under Section 65(1) of IBC 2016 read with Rule 59 of the National Company Law Tribunal Rules, 2016 on M/s. Om Logistics ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised of the fact that the Operational Creditor has been in talks of settlement with the Corporate Debtor and, is therefore, not interested in taking any step to proceed with the CIR Process. Under such circumstances with no other claimant and the sole member of the CoC not being interested in prosecuting the CIR Process, it would be expedient to terminate the CIR Process. In view of the above, the CIR Process is hereby, terminated. The Corporate Debtor is released from the rigors of the moratorium and is permitted to function through its own board. We find that the Operational Creditor has not only failed to reimburse the expenses and fees of the Interim Resolution Professional, but has also wasted the time of this Bench after the Petition ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
