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TMI Blog2024 (6) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... ed regulations are very clear that the repayment plan has to be prepared by the Debtor and it is for him to consult the RP. A reading of Section 105(2) of the Code, further makes it clear that it is only in terms of the repayment plan that the Resolution Professional may be required or authorized to carry on the debtor s business or trade on his behalf or in his name or realise the assets of the debtor or administer or dispose of any funds of the debtor. Thus, when there was no such authorization in favour of RP, it is unable to appreciate and comprehend that how the Ld. Counsel for the RP could rely upon Regulation 18 of the aforementioned regulation. Such arguments could be appreciated only if the Personal Guarantor would have made authorization in favour of the RP, in terms of the provisions of Section 105(2) of IBC, 2016. Mr. Shiv Nandan Sharma, IP is appointed as RP in place of Mr. Raj Kamal Saraogi, IP. It is made clear that nothing observed hereinabove should be held against Mr. Chaurasia or Mr. Raj Kamal Saraogi in any manner - It goes without saying that the newly appointed RP would discharge his function in terms of our order dated 22.04.2024, afresh. Application disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) During the course of the meeting, the PG was unable to gain confidence in the RP and the impression what he gathered is that the RP could not aptly comprehend and understand the vastness and intricacies of the complicated affairs of the Respondent as businessman, a philanthropist and as a public servant. (iii) The Personal Guarantor is committed to resolve all the present issues and bring quietus to any and all the dispute, but to meet the objective it is imperative that he is comfortable his sharing all intricate details of his day to day affairs and interest with the RP. (iv) Since the IBC is a beneficial legislation, it is imperative that the Personal Guarantor is in a position to repose faith and confidence in the RP. 3 . The Personal Guarantor has also filed his affidavit, espousing therein;- (a) On 24.04.2024, the RP met him in Lodhi Hotel with a Lawyer. (b) There was no need for RP to have the presence of Lawyer at this stage and held the meeting in an expensive hotel, as the expenses incurred in such a meeting ultimately become part of IRP cost and the liability of the Personal Guarantor; (c) During the course of the meeting held on 24.04.2024, the RP, Mr. Raj Kamal Sarao ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere and attitude, as I had already believed at the outset, the Resolution Professional is unable to appreciate and understand his fundamental role and responsibility in this process. -- Lack of transparency in my own resolution process 18. Vide the e-mail dated 17.05.2024, me / my office had inter alia, requested the Resolution Professional to share a list of claims filed against me. 19. To the aforementioned, vide an email dated 18.05.2024, the Resolution Professional merely provided a list of 18 entities. The Resolution Professional did not provide me with the claims filed by any of the 18 entities and also did not provide the necessary documents filed in support of the alleged claims. 20. Yet again I humbly submit, there ought to be transparency and a collaborative approach in my insolvency proceedings. The Resolution Professional is required to share the details of the claims and the documents filed in support thereof, for my inputs and examination. The failure of the Resolution Professional to share the necessary claim details and the documents has unfortunately left me to doubt the bona fide approach of the Resolution Professional. -- Lack of transparency and unnecessary info ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional in whose intent and competence I have full faith. I deserve a Resolution Professional who shall act with bona fide and in the best of interests. I deserve a Resolution Professional who will see and appreciate the far reaching impact of the instant proceedings in my life and not merely treat the proceedings as a formality. I deserve a Resolution Professional who has the intention of resolving the issues. I deserve a Resolution Professional who is not already proceeding with a pre conceived notion that the proceedings shall be pushed to bankruptcy. 29. In a nutshell, the instant proceedings have very far-reaching impact on my fundamental rights. I deserve a choice of Resolution Professional. Moreover, my choice of Resolution Professional shall not prejudice the interests of the creditors. The creditors and this Hon'ble Tribunal shall have the final say in respect of the Repayment Plan proposed. Thus, my plea to this Hon'ble Tribunal docs not cause harm or prejudice to anyone. However, the failure to allow the same has immense adverse effect on my life. 30. In the Application preferred by me, I refrained from casting any aspersions on the Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia (Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Regulations, 2019, the role assigned to RP himself is that of consultant and re-payment plans has to be prepared only by the debtor, it is difficult for us to appreciate that the RP whose presence itself is recognized and acknowledged as that of consultant can have the services of another lawyer, while discharging the function as consultant only. The provisions of Section 105 of IBC, 2016 and Regulations 17 of the aforementioned regulations are very clear that the repayment plan has to be prepared by the Debtor and it is for him to consult the RP. A reading of Section 105(2) of the Code, further makes it clear that it is only in terms of the repayment plan that the Resolution Professional may be required or authorized to carry on the debtor s business or trade on his behalf or in his name or realise the assets of the debtor or administer or dispose of any funds of the debtor. Thus, when there was no such authorization in favour of RP, we are unable to appreciate and comprehend that how the Ld. Counsel for the RP could rely upon Regulation 18 of the aforementioned regulation. Such arguments could be appre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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