9911796707
TMI Blog2023 (3) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... 25(2)(i) r/w Rule 35A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. HELD THAT:- It is well settled that Resolution Professional has no adjudicatory power and its jurisdiction is only administrative to collate and verify the claims as per the CIRP Regulation, 2016. When the application was filed before the Adjudicating Authority inviting a decision on the status of the applicant Adjudicating Authority ought to have decided the application on merit instead of asking the appellant to file the documents before the Resolution Professional and directing the Resolution Professional to pass the reasoned decision. The decision was required to be taken by Adjudicating Authority itself. The impugned order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the status of the Applicants from 'Collateral' to 'Allottees and consider them as Financial Creditors (Real Estate Investors i.e. Allottee) u/s 5(8)(f) of the Code; 2. To determine the rights of the applicants as per the provisions of the I B Code' 2016; 3. To direct the Resolution Professional to provide Proper signed Valuation Reports of both the valuers as mentioned in IM. 4. To direct the Resolution Professional to provide the Inventory details of CD as on ICD (Insolvency Commencement date) i.e. 22.08.2019 as the same is missing in IM provided by RP. 5. To direct the Resolution Professional to provide the details of Avoidance Applications filed u/s 25(2)(i) r/w Rule 35A of IBBI (Insolvency Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of such proceedings, each one of the applicants is given liberty to challenge the decision of the Resolution professional, if aggrieved. 4. The appellants submits that Adjudicating Authority ought to have disposed of the application on merits instead of directing the appellant to again approach the Resolution Professional who has no adjudicatory jurisdiction to decide any lis which has been raised by the appellant in the application. 5. Mr. G.P. Madaan appearing for the respondent submitted that the appellant has opportunity to file their documents and despite of two dates they have not filed any document before the Resolution Professional. 6. We have considered the submission of both the parties and perused the record. 7. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
