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2020 (2) TMI 287 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - whether the petitioner can maintain the present petition under section 9 of I & B Code as the Petitioner is undergoing CIRP? - HELD THAT:- Section 11 of I & B Code deals with the persons not entitled to make application. The persons shown in clauses (a) to (d) of section 11 of I & B Code shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter. We are looking into section 11(a) of I & B Code which provides that a corporate debtor undergoing CIRP is not entitled to make an application to initiate CIRP - It is an undisputed fact that the Petitioner herein is undergoing CIRP. Insolvency resolution process can be started against a corporate debtor. Such a corporate debtor cannot initiate CIRP by virtue of section 11(a) of I & B Code. Section 25 of I & B Code provides duties of the Resolution Professional. Sub-clause (1) of section 25 of I & B Code provides duties of the Resolution Professional to preserve and protect the assets of the corporate debtor including the continued business operations of the corporate debtor. Sub-clause (a) of section 25 of I & B Code provides that Resolution Professional to take custody and control of all the assets of the corporate debtor. Sub-section 2(b) of section 25 of I & B Code provides that the Resolution Professional to represent and act on behalf of the corporate debtor with third parties. Bar under section 11 of I & B Code applies to Resolution Professional also, but the Resolution Professional can exercise powers conferred on him under sub-clauses 2(a) and (b) of section 25 of I & B Code. The petitioner which is undergoing corporate insolvency resolution process cannot maintain the present petition under section 9 of the I & B Code as there is bar under section 11 of the I&B Code - Petition dismissed.
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