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2019 (5) TMI 1817 - Tri - Insolvency and BankruptcyValidity of Restaurant Sale partial assignment of the Brand - forensic audit of the affairs of the Corporate Debtor including the Restaurant Sale - partial assignment of the Brand to examine whether the Restaurant Sale and partial assignment of the Brand are undervalued or preferential - HELD THAT:- In pursuant to the initiation of CIRP in respect of the Corporate Debtor, IRP/RP has initiated steps in accordance with law and conducted 7th COC meetings and finally 3 (three) Resolution Plans were received in pursuant to the expression of interest as sought for, namely M/s.Akashika Foods Private Limited ("Akashika"), Mr.Kamal Agarwal, and M/s.MTR Foods Private Limited collectively called as "Final PRAs". Accordingly, the RP evaluated the plan and on instructions from the CoC, sent his evaluation report and the resolution plans to BDO, an Internationally reputed agency for obtaining an independent report of the bids received viz. a viz. the evaluation matrix put forth in the RFRP document, both on quantitative and qualitative parameters. The Resolution Professional has also gave sufficient time to all the Resolution Applicants for personal instructions of the CoC Members. And facts shows that all the 3 (three) Resolution Applicants have participated in the consolidation and finalized of Resolution Plan. It is settled position of law that IRP/RP alone will conduct CIRP of Corporate Debtor with supervision and guidance of COC at the helm of affairs subject to overall jurisdiction of Adjudicating Authority under the provisions of Code. As rightly claimed by the Respondents, relying on the law as cited supra, the Adjudicating Authority hardly has jurisdiction to entertain Interim Application(s) while CIRP is on, which is to be completed in a time bound manner. After the CIRP is over, it is for the Adjudicating Authority to scrutinize the entire process of CIRP before approving/rejecting the Resolution plan finally decided by the CIRP. Therefore, the Adjudicating Authority has examined the final Resolution plan as approved by the COC and after satisfying various parameters as laid down under the Code and the Rules made thereunder, has approved the Resolution plan - the allegations made and the information sought for by the applicant are baseless and not tenable and the applications themselves are not all maintainable. Application dismissed.
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