TMI Blog2019 (2) TMI 1660X X X X Extracts X X X X X X X X Extracts X X X X ..... , the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and by the Adjudicating Authority. The Resolution Professional is directed to act in accordance with the directions of the Adjudicating Authority. Appeal dismissed - decided against appellant. - Company Appeal (AT) (Insolvency) No. 743 of 2018 - - - Dated:- 26-2-2019 - Sudhansu Jyoti Mukhopadhaya, J. For Appellant : Mr. Atul Sharma, Mr. Hitesh Kumar and Ms. Ashly Cherian, Advocates For Respondent : Mr. Anil Puri, Mr. Shubham Saxena, Mr. Ravi Chandra, Mr. I.P.S. Oberoi, Ms. Gunjan and Ms. Aditi Sharma, JUDGMENT Sudhansu Jyot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Supreme Court by its decision dated 25th January, 2019 held : RESOLUTION PROFESSIONAL HAS NO ADJUDICATORY POWERS. 85. It is clear from a reading of the Code as well as the Regulations that the resolution professional has no adjudicatory powers. Section 18 of the Code lays down the duties of an interim resolution professional as follows: 18. Duties of interim resolution professional.- (1) The interim resolution professional shall perform the following duties, namely- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... termination of ownership by a court or authority; (g) to perform such other duties as may be specified by the Board. Explanation.-For the purposes of this section, the term assets shall not include the following, namely- (a) assets owned by a third party in possession of the corporate debtor held under trust or under contractual arrangements including bailment; (b) assets of any Indian or foreign subsidiary of the corporate debtor; and (c) such other assets as may be notified by the Central Government in consultation with any financial sector regulator. 86. Under the CIRP Regulations, the resolution professional has to vet and verify claims made, and ultimately, determine the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims, and update it. (2) The list of creditors shall be - (a) available for inspection by the persons who submitted proofs of claim; (b) available for inspection by members, partners, directors and guarantors of the corporate debtor; (c) displayed on the website, if any, of the corporate debtor; (d) filed with the Adjudicating Authority; and (e) presented at the first meeting of the committee. 14. Determination of amount of claim.- (1) Where the amount claimed by a creditor is not precise due to any contingency or other reason, the interim resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal makes a determination under sub-regulation (2), he shall apply to the Adjudicating Authority for appropriate relief on or before the one hundred and thirty-fifth day of the insolvency commencement date. 88. As opposed to this, the liquidator, in liquidation proceedings under the Code, has to consolidate and verify the claims, and either admit or reject such claims under Sections 38 to 40 of the Code. Sections 41 and 42, by way of contrast between the powers of the liquidator and that of the resolution professional, are set out hereinbelow: 41. Determination of valuation of claims.- The liquidator shall determine the value of claims admitted under Section 40 in such manner as may be specified by the Board. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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