Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 14 - Tri - Insolvency and BankruptcyCondonation of delay of 381 days in relation to the main Application filed seeking inter alia to institute and enquire into the conduct of the Resolution Professional - seeking declaration that CIRP culminating with the acceptance of the Resolution Plan of M/s. Hi-tech Bio Products Pvt. Ltd. as null and void and to direct to restart of the CIR process - HELD THAT:- It is evident that the Resolution Plan itself has been approved by this Tribunal against which no appeal seems to have been preferred and even in relation to the rejection of the Applicants being declared as ineligible under Section 29(A) of IBC, 2016 even though Appeals have been preferred up to the highest Court of the land, no worthwhile relief has been granted to the Applicants herein. A Resolution Plan which stood approved by this Tribunal as per the averments contained by the 1st Respondent has been fully implemented in as much as the claimants have been settled as envisaged under the Resolution Plan. Pertaining to the allegations as made against the conduct of the Resolution Professional, it is required to be noted that the appropriate Authority for consideration of the same is the Regulator viz., IBBI, if at all the Applicants have any grievance, the same is required to be made with the IBBI in the capacity as a Regulator and not before this Tribunal so that if it is found true, appropriate action can be taken against the conduct of the Resolution Professional, who conducted the CIRP of the Corporate Debtor. There are no sufficient cause being given in the Application seeking for the condonation of delay of 381 days other than merely stating that due to administrative reasons, there has been a delay - application for COD dismissed.
|