9911796707
TMI Blog2019 (8) TMI 1871X X X X Extracts X X X X X X X X Extracts X X X X ..... he Resolution Professional was taken up 8 times but no order was passed by the Adjudicating Authority - it is the case that the Adjudicating Authority has wrongly made the observations that no serious effort was made by the Resolution Professional - HELD THAT:- It is found that when the LA. was listed before the Adjudicating Authority no order was passed by the Adjudicating Authority on the menti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the notice of this Tribunal about the transactions as contemplated under the provisions of Section 43, 45, 50 and 66 for orders under the corresponding sections, it is required to notice that even though the said application was filed on 15.10.18 no serious effort was taken by RP to press this application for disposal. In relation to the same it is required to note that the RP had not been too ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ired to note that during the course of submission, learned RP brought to the notice of this Tribunal that the COC has also been apprised of the several transactions alleged to be falling under the above sections however, the CoC has not chosen to press for the charges/allegation made against the promoters of the Corporate Debtor, however has chosen to approve the resolution plan taking into consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been made by the RP without understanding the nature of business done by the Corporate Debtor being that of dealing in mustard seeds, mustard cake, mustard oil are driven by its own mechanics, however for the time being we are not closing application in CA No. 58 of 2018 filed by the RP in view of the directions issued to direct the monitoring agency in the concluding part of this order. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd find that when the LA. was listed before the Adjudicating Authority no order was passed by the Adjudicating Authority on the aforesaid dates and as such no observation can be made against the performance of the 'Resolution Professional'. 4. For the reasons aforesaid, we set aside the observations as made against the 'Resolution Professional in paragraphs 29 and 30 of the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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