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2022 (9) TMI 1009 - AT - Insolvency and BankruptcyMaintainability of application - Resolution plan approved - Fraudulent Trading / Wrongful Trading - Section 66 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- It must be borne in mind that CIRP in the instant case had attained finality and that the Resolution Professional became functus officio and he cannot file / prefer / pursue any Application on behalf of the Company. It is only be to the new Management of the Corporate Debtor, which is responsible to file such an Application - It cannot be brushed aside that Section 23 of the Insolvency & Bankruptcy Code, 2016 clearly envisages the Role of a Resolution Professional in managing the affairs of the Corporate Debtor, during the Resolution Process and not, thereafter. It is an established fact that the Interim Resolution Professionals / Resolution Professionals are required to play their part, as per the ingredients of the Insolvency & Bankruptcy Code, 2016. They are to provide for a ‘mechanism’ in aid to benefit of the Corporate Debtor not only during the interregnum period of Insolvency but also till the Resolution Process is completed - Suffice it for this Tribunal to make a pertinent mention that the Role of a Resolution Professional, much less of the Erstwhile Resolution Professional is that he cannot proceed any further, after the Resolution Pla is approved by the Adjudicating Authority. This Tribunal comes to an inevitable, inescapable, and irresistible conclusion that the view arrived at by the Adjudicating Authority (National Company Law Tribunal, Division Bench – II, Chennai) in dismissing the application on the basis of the Appellant / Applicant lacking locus standi to prefer the said Interlocutory Application, does not suffer from material irregularity or patent illegality in the eye of Law. Application dismissed.
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