2023 (3) TMI 590 - AT - Insolvency & Bankruptcy

Seeking direction to Resolution Professional to change the status of the Applicants from 'Collateral' to 'Allottees and consider them as Financial Creditors (Real Estate Investors i.e. Allottee) u/s 5(8)(f) of the Code - rights of the applicants as per the provisions of the I & B Code' 2016 - direction to Resolution Professional to provide Proper signed Valuation Reports of both the valuers - direction to Resolution Professional to provide the Inventory details of CD as on ICD - Avoidance Applications filed u/s 25(2)(i) r/w Rule 35A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

HELD THAT:- It is well settled that Resolution Professional has no adjudicatory power and its jurisdiction is only administrative to collate and verify the claims as per the CIRP Regulation, 2016.

When the application was filed before the Adjudicating Authority inviting a decision on the status of the applicant Adjudicating Authority ought to have decided the application on merit instead of asking the appellant to file the documents before the Resolution Professional and directing the Resolution Professional to pass the reasoned decision. The decision was required to be taken by Adjudicating Authority itself.

The impugned order passed by Adjudicating Authority cannot be sustained and is hereby set aside - Appeal disposed off.