Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 746 - AT - Insolvency and BankruptcyCIRP - Alllegation of fraudulent Trading to defraud creditors of the corporate dabtors - Contract executed between the Appellant / Applicant and the Corporate Debtor, wherein the Corporate Debtor undertook to develop a 49.5 MW Wind Power Project, comprising of 33 Wind Energy Converter’ (WEC) - categorical stand of the Appellant is that no amount is due and payable by the Appellant and that the Resolution Professional has no right to withhold one wind mill and in all fairness the same requires to be handed over to the Appellant. HELD THAT:- It cannot be gainsaid that Section 23 of the Insolvency & Bankruptcy Code, 2016, provides for the Role of the Resolution Professional, to conduct the Corporate Insolvency Resolution Process (CIRP), in managing the affairs of the Corporate Debtor, during the Resolution Period, and not at a later point of time. No wonder, the ingredients of Section 60 (5) of the Insolvency & Bankruptcy Code, 2016, is not all pervasive Section, showering upon Jurisdiction to an Appellate Authority to decide any question / issue concerned the Corporate Debtor. The Resolution Plan was approved by the Adjudicating Authority (National Company Law Tribunal, Division Bench – II, Chennai) on 01.02.2022. Taking note of the fact that the Respondent / Resolution Professional before the Adjudicating Authority (National Company Law Tribunal, Division Bench – II, Chennai) had taken a stand that Rs.75.63 Crore is receivable and that the Applicant / Appellant ought to be directed to pay the said sum immediately and in the teeth of the stand taken by the Respondent / Resolution Professional that the Appellant / Applicant claim of ownership is subject to the Full Payment of the entire consideration for the Project and owing to the non-payment of the contractual sum, one WEC was not handed over to the Appellant’ / Applicant and in the event of payment of Full Dues, the 1 WEC will be handed over to the Appellant, the present Relief prayed for by the Appellant/ Applicant, seeking direction to the Respondent / Resolution Professional to deliver one 1500 KW WEC in working condition etc., resting on the ground, that it belongs to it, is as Ex Facie, is not maintainable in the eye of Law, as opined by this Tribunal. Appeal dismissed.
|