Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 1970 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAIRecovery of outstanding dues - rights for the benefit of the Corporate Debtor in any Judicial Proceedings - HELD THAT:- Prima facie, the action of the Professional against one of the Debtor of the S.N. Plumbing appears to be a correct legal action. It is one of the duty of the Resolution Professional to recover the outstanding Debts of a Corporate Debtor against whom already CIRP is in progress - Indeed, it is the duty of the IRP/RP to take all possible steps not only to invite Resolution Applicant but to take steps for recovery of the Debts outstanding. The action against IL & FS Engineering is one of such action as a Corporate Debtor by invoking the provisions of section 9 of The Code. As per the statement made before us by the RPI no other case is pending against IL & FS in the capacity of a Corporate Debtor. The language of Section 60(2) and other allied provisions of The Code has no ambiguity that no two parallel Insolvency Proceedings must run against a Corporate Debtor. Hence a clarification is needed in this case that S.N. Plumbing has not submitted the impugned Petition before the respected NCLT Bench, Hyderabad in the capacity of a Corporate Debtor but undisputedly, the said Petition is filed in the capacity of an Operational Creditor by submitting Form No.5 as prescribed under The Code - We have been informed that the impugned Petition is filed by the Resolution Professional on behalf of S.N. Plumbing. This action of the Resolution Professional is a right recourse for managing the affairs of the financially stressed Company. Application allowed.
|