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TMI Blog2022 (5) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... bitrary as no person can be allowed to be a judge in his own case is misconceived. The Supreme Court in GUJARAT URJA VIKAS NIGAM LIMITED VERSUS MR. AMIT GUPTA AND ORS. [ 2021 (3) TMI 340 - SUPREME COURT] has negative the contention of the petitioner and has held that the role of Adjudicating Authority is that of a rubber stamp in the context of Section 95, 97, 99 and 100 of the Code. It has further been held by the Supreme Court that Section 95, 97, 99 and 100 of the Code do not suffer from any illegality or any unconstitutionality. As per the procedure prescribed under Section 95 to 100 of the Code, the role of resolution professional is limited to make the appropriate recommendation to the Adjudicating Authority and the final decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at an inter corporate deposit agreement was executed between the Corporate debtor and the Perimal Enterprise viz., respondent No.2 on 27.05.2016. The aforesaid intra corporate deposit agreement was assigned to respondent No.2 on 22.09.2016. The respondent No.2 filed two separate applications under Section 95(1) of the Code read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 with a prayer to initiate corporate insolvency resolution process. The National Company Law Tribunal, Bangalore passed an interim moratorium order dated 11.11.2021 against the petitioners and also appointed respondent No.3 as a resolution pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d procedure contains filing of application under Section 95 of the Code for appointment of resolution professional by the Adjudicating Authority under Section 99 of the Code, submission of the report by the resolution professional under Section 99 of the Code recording reasons for recommending the request for acceptance or rejection of the application and finally the admission or rejection of the application by the Adjudicating Authority. The resolution professional is required to give reasons in support of its recommendation. The Adjudicating Authority is the body, which takes the final decision on the recommendation submitted by the resolution professional. The Adjudicating Authority is not bound by the recommendation made by the resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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