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2022 (7) TMI 360 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHSeeking stay on the operation of the Expression of Interest issued by the Resolution Professional under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 - seeking stay on Appointment of E & Y Restructuring LLP as the Support Service Partner of the Resolution Professional in view of the inherent conflict of interest - HELD THAT:- It is the CoC that has eventually engaged support service provider and not the RP, therefore, contention of applicant the resolution professional appointed the support service provider (Paragraph xvii of IA) is factually in-correct - CoC has taken an informed decision by 100 % voting while appointing EY Restructuring LLP as support service provider to Resolution Professional and after taking into consideration there was no conflict of interest. We are of the considered view; it is the commercial wisdom of the CoC what to do best in the interest of the resolution process. Also, this Adjudicating Authority cannot be called to sit in appeal over decision of CoC - It is also not understood as to how the applicant who is a suspended Director of the Corporate Debtor is concerned about the fee payable as determined by the CoC for carrying out CIRP in an effective manner. Section 60 (5) of the Code, the residuary jurisdiction of the NCLT under Section 60(5) of the IBC though, provides it a wide discretion to adjudicate questions of law or fact arising from or in relation to the insolvency resolution proceedings, however, cannot be invoked or exercised to review/recall order dated 11-02-2022 of this Adjudicating Authority upon the grounds raised in this application - Suffice it to say, this application filed by a suspended Director at such a belated stage, from various angles looks to be merely an attempt to thwart what has been settled position; “timely resolution of stressed assets is a prime factor in the successful working of the Code, the interest of the 'Stakeholders' including the 'Creditor(s)', effectively balancing within the four corners of 'Law', and as per 'I&B' Code, 2016 and 'Regulations' without any further loss of time’.” Application disposed off.
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