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2020 (3) TMI 1344 - Tri - Insolvency and BankruptcySeeking exclusion of period of 275 days from CIRP period - penalty on IRP on the charge of dereliction of duty on his part - HELD THAT:- The communication it is seen was made only on 27.11.2019 and all the facts points out to an all around dereliction of duty and are absolute negligence on the part of the Operational Creditor and as well as the IRP. The Operational Creditor in its own interest and acting on behalf of the other creditors, the CIRP being a proceeding in rem had to communicate the same to the IRP/Applicant for proceeding with the CIRP which has not been done in this case. Penalty on IRP - HELD THAT:- In the case of M/s. Takkshill Enterprises –vs M/s. IAP Company Pvt. Ltd, [2018 (7) TMI 1632 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI] the Appellate Tribunal had chosen to waive the fine imposed by this Tribunal and stated that if any dereliction of the duties on the part of the IRP only IBBI can initiate action on the IRP and in the circumstance it is deemed appropriate in this matter to transmit the records to the IBBI by the Registry and the IBBI to initiate suitable action as may be deemed appropriate. Application disposed off.
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