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TMI Blog2025 (3) TMI 909X X X X Extracts X X X X X X X X Extracts X X X X ..... s were being paid for their supplies/services which process has halted after 12.12.2024 order - The IRP shall verify/finalise the bills received from vendors/operational creditors as per the process which was being adopted prior to passing of the order dated 12.12.2024. Obligation of the IRP who is discharging duties under Section 17 of the IBC to manage the affairs of the corporate debtor and make payment of salary - HELD THAT:- The submissions of the IRP is that salary for December 2024 has been paid and salary for the month of January 2025 has also been processed and was to be paid in February itself. With regard to outstanding salary for September, October and November, 2024, IRP has stated that the said outstanding salary be paid in three tranches up to 31.05.2025. IRP being the authority to run the corporate debtor as a going concern has to take all steps for meeting necessary expenses including salary. By recording the statement of IRP that outstanding salary for September, October and November 2024 shall be paid by 31.05.2025 in three tranches, we dispose of the application. All outstanding salary shall be paid by 31.05.2025. The employees and officers of the corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ations, certain background facts giving rise to these applications need to be noticed:- 2.1. Company Appeal (AT) (Insolvency) No.406 of 2022 has been filed by Suspended Director of the Corporate Debtor challenging the order passed by the NCLT, New Delhi initiating CIRP process against Supertech Ltd. (Corporate Debtor) on an application filed under Section 7 by Union Bank of India. An interim order was passed in Company Appeal directing the IRP not to constitute the CoC. Corporate debtor, the real estate company had launched various real estate projects. The promoters of the corporate debtor contended before this Tribunal that with regard to ongoing projects, construction be permitted to carry on under the supervision of the IRP with the assistance of promoters, its officers and employees. Promoters had contended that they had infused funds as necessary for carrying out the construction. This Tribunal after hearing the parties issued direction on 10.06.2022 in the present appeal. Paragraph 25 of the order dated 10.06.2022 is as follows:- "25. In view of the foregoing discussions, we issue following Interim Directions: i. The Interim Order dated 12th April, 2022 continuing as on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor. xi. Let the IRP submit a further Status Report within six weeks from today regarding Eco Village II Project and all other projects. xii. The Parties are at liberty to file an I.A. for any direction/clarification in the above regard. xiii. List this Appeal on 27th July, 2022." 2.2. It is to be noted that against the order dated 10.06.2022, an appeal was filed in the Hon'ble Supreme Court in which appeal, an interim order came to be passed on 11.05.2023. By order dated 11.05.2023, the Hon'ble Supreme Court observed that the order dated 10.06.2022 passed by this Tribunal be implemented. After the order passed by the Hon'ble Supreme Court on 11.05.2023, the proceedings continued in the appeal, this Tribunal permitted the IRP and other stakeholders to come with the proposal for project-wise resolution. Before this Tribunal, NBCC filed an application IA No.6557 of 2024 expressing its willingness to undertake the construction of project of Supertech Ltd. This Tribunal after hearing the counsel for the IRP, NBCC as well as other stakeholders passed an order on 12.12.2024 allowing IA No.6557 of 2024. 2.3. IA No.307 of 2025 was filed by the Appellant on 07.01.2025. IA No.862 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cally regarding the continuation of work on the project sites and the maintenance of the Corporate Debtor's operational status; (v) Direct the IRP to immediately clear and dispersed dues of all the employees, vendors and contractors who are actively working on site; (vi) Pass any other interim reliefs as this Hon'ble Appellate Tribunal deems fit and proper in the facts and circumstances of the instant case." 4. We have heard Shri Abhijeet Sinha, Learned Senior Counsel for the Applicant and Shri Nakul Diwan, Learned Counsel for the IRP. 5. Shri Abhijeet Sinha, Learned Senior Counsel submits that under the order dated 12.12.2024, this Tribunal had directed the NBCC to undertake construction of 16 projects. There are other ongoing projects of the corporate debtor. Apart from the above 16 projects, the order dated 10.06.2022 which was passed by this Tribunal with regard to carrying out construction of the projects of the corporate debtor and mechanism for construction still continues to operate and with regard to other 9 projects, the IRP was obliged to carry on the construction as per the mechanism which was operating as per the order dated 10.06.2022. It is submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disposed of with following directions: - (i) All projects of the corporate debtor are under the supervision of the IRP. It is the IRP who has to take steps regarding carrying out the construction and taking all necessary steps with the projects of the corporate debtor with the assistance of the appellant, its officers and employees. 8. The order dated 10.06.2022 passed by this Tribunal still being in operation, all concerned including the IRP has to take steps in accordance with the directions till any further orders are passed by the Hon'ble Supreme Court. With regard to salary of employees and those of vendors, there are separate applications filed in which we shall notice the submissions and necessary direction while considering the said applications. IA No.307 of 2025 is disposed of accordingly. IA No.862 of 2025 9. This application has been filed by Shree Shyam Vendors Association which claim to be association of operational creditors/vendors of the corporate debtor. The applicant grievance is that the dues of several vendors/ operational creditors who have supplied the materials and rendered services after commencement of the CIRP is still outstanding. The vendors/oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es which belong to the operational creditors/vendors; and E. To admit and allow the present I.A. and issue necessary directions to the IRP to certify all running bills submitted by the operational creditors, including those incurred during the Corporate Insolvency Resolution Process (CIRP); and F. To admit and allow the present I.A. and issue necessary directions to the Interim Resolution Professional (IRP) to make payment of all idle charges and rental charges incurred by the operational creditors due to the prolonged holding of tools, equipment, plant and machinery at the project sites and treating these expenses as part of the Corporate Insolvency Resolution Process (CIRP) costs under the provisions of the Insolvency and Bankruptcy Code, 2016; and G. To admit and allow the present I.A. and issue necessary directions to the Interim Resolution Professional (IRP) to release the payment of the outstanding amount pertaining to CIRP period being CIRP Costs on the basis of Proforma Invoice(PI) of the operational creditors/vendors and tax invoice to be submitted by the operational creditors/vendors at the time of receipt of the payment. H. Pass any other order(s) that this Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor. c. After the validation of the bill, the finance controller of the Corporate Debtor will verify the invoice and create a note for approval, which is sent to various departments along with all the supporting documents. This note for approval along with supporting documents will then simultaneously be submitted to the project management consultant for further verification, after which the said verified bill is recorded in the SAP system of the Corporate Debtor. Once recorded in the SAP software, the bill is sent for final verification and payment. d. On the above-mentioned process, there have been delays/ non-submission/non-verification at multiple levels owing to which the bills have not been verified/ being reflected in SAP and reconciliation etc. is pending." 14. It is submitted that there have been delays in non-submission or non- verification due to which payments are outstanding. Till the bills are verified by PMC with co-operation of the vendors/operational creditors who have to co-operate in the measurement, bills cannot be cleared. It is submitted that the IRP is taking steps towards payment of the vendors/ operational creditors after verification of the bills. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Counsel for the IRP has categorically stated that no new mechanism for verification of the bills is being adopted nor shall be implemented and verification of the bills shall be carried out as per the process which was being adopted. In view of the submissions of the counsel for the parties and suggestions given by the parties, we dispose of IA No.862 of 2025 with following directions:- (i) The IRP shall verify/finalise the bills received from vendors/operational creditors as per the process which was being adopted prior to passing of the order dated 12.12.2024. (ii) Vendors/operational creditors who have not submitted their bills may submit their bills within period of two weeks from today so as to begin the process of verification at an early date. (iii) IRP who is carrying his duties in accordance with the powers given under the IBC as well as the directions of the Hon'ble Supreme Court in order dated 25.02.2025, shall commence payment of bills which have been verified in a phased manner. (iv) The vendors/operational creditors shall render all assistance to the IRP and IRP team for purposes of verification. (v) The vendors/operational creditors shall not be entitled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ects that the matter of salary need not be taken to the ACC. 5. In view of the aforesaid, we direct the salary for the month of December to be released within one week from today i.e., by 17.02.2024 and with regard to salary for January as submitted by IRP the processing may be done and as early as possible the salary for January may also be released. 6. Rejoinder to the Application may also be filed before the date fixed. 7. It goes without saying that personal head, the HR Mr. Arun Mathur may extend his cooperation and ensure that salary may be released within a week. List this Application on 18th February, 2025 at 02:00 PM." 20. Counsel for the IRP submits that in pursuance of the order passed by this Tribunal, salary for December 2024 has been paid to the employees of the corporate debtor and salary for January, 2025 has also been processed. It is submitted that the balance salary from September 2024 to November 2024 shall be paid in three tranches up to 31.05.2025. 21. IRP has also filed a reply to the IA. Counsel for the IRP submits that co-operation/assistance of employees of the corporate debtor is required for preparing the salary payments advice and invoices. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor covered under the order dated 12 December 2024 to the Respondent No.4, in order to ensure compliance with the directions contained in the order vis-à-vis achievement of Day Zero conditions set out thereunder. (iii) Direct the Respondent No.2 to provide suitable assistance to the Applicant in the discharge of its duties as the IRP of the Corporate Debtor by providing requisite security arrangements to the Applicant, ACC and PWCC members, as well as for the project sites of the Corporate Debtor as and when requested to ensure compliance with the NBCC Approval Order and the timelines contemplated thereunder. (iv) Pass any such further or other orders/directions as this Hon'ble Appellate Tribunal deems fit and proper in the facts and circumstances of the case." 25. We have already noticed that the operation of the order passed by this Tribunal dated 12.12.2024 has been stayed by the Hon'ble Supreme Court vide its order dated 25.02.2025. As on date, there is no question of taking steps in compliance of the order dated 12.12.2024. The reliefs which are claimed in the application is principally with respect to compliance of the order dated 12.12.2024. We, thus, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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