9911796707
TMI Blog2022 (12) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the adjudicating authority, it is evident that there cannot be any negligence attributed to the petitioner who was to follow the provisions of Sub-sec.2 of Sec.12 of I.B.C. On this count, on a condition that the petitioner deposits Rs.2 lakhs as envisaged under the order by way of a penalty in the registry, on or before 09.12.2022, issue notice to the respondents, returnable on 17.01.2023. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insolvency resolution on Brain Master s Classes Private Limited and Eagle Corporation Private Limited was issued certain show cause notices for failing to discharge his duties. The Disciplinary Committee has found the petitioner of having committed a lapse in the conduct of C.I.R.P in the matter of Brain Master s Classes Private Limited. According to the Board, it was incumbent upon the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall file an application to the adjudicating authority to extend the period of corporate insolvency resolution process beyond 180 days, if instructed to do so by a resolution passed by a meeting of the Committee of Creditors (C.O.C) by a vote of 66% of the voting shares. 2.2 According to Mr.Kavina, learned Senior Counsel, therefore, the primary responsibility of calling for a meeting of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re being conducted and there was no allegation on the present petitioner who was the then Resolution Professional who was replaced by one Ms.Bhavi Shah. In fact, as is evident from reading para 3.2.6 of the order, which quotes the observations of the adjudicating authority, it was C.O.C which has not taken efficient measures to complete the C.I.R.P of the Corporate Debtor Company. Even in the summ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority, it is evident that there cannot be any negligence attributed to the petitioner who was to follow the provisions of Sub-sec.2 of Sec.12 of I.B.C. 6. On this count, on a condition that the petitioner deposits Rs.2 lakhs as envisaged under the order by way of a penalty in the registry, on or before 09.12.2022, issue notice to the respondents, returnable on 17.01.2023. There shall be ad-in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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