TMI Blog2019 (11) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... record. The operation of the impugned order, insofar as it prevents the petitioner from accepting a new assignment as an Interim Resolution Professional (IRP) or Resolution Professional, is stayed. Renotify the matter on 28.2.2020. - W.P.(C) 12189/2019 & CM APPL. 49819/2019 - - - Dated:- 25-11-2019 - MR. RAJIV SHAKDHER J. Petitioner Through: Mr. Sandeep Sethi, Sr. Adv. with Mr. Dhruv Dewan, Mr. Sumesh Dhawan, Ms. Ankita Bajpai, Mr. Aditya Nayyar and Ms. Harshita Choubey, Advocates. Respondents Through: Ms. Madhavi Divan, Mr. Vikas Mehta, Ms. Anushree Menon and Mr. Ayush Puri, Advs. for R-1. Mr. Ramji Srinivasan, Senior Advocate with Mr. Bishwajit Dubey, Ms. Surabhi Khattar, Mr. Yash Patel and Ms.Sylona M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether or not it would be willing to deposit ₹ 12,09,90,185 in the Corporate Depositor s account. 6. To be noted, the Corporate Depositor in this case is M/s Bhushan Power and Steel Limited. 7. This direction has been issued keeping in mind the Resolution passed by respondent No.2/COC at its meeting held on 10.10.2018. 8. Pertinently, the said Resolution had the approval of 96.53% of the creditors. This aspect of the matter emerges upon the perusal of pages 442 and 448 of the paper book. 9. Renotify the matter on 25.11.2019. 10. In view of the order passed today, the petitioner is given liberty to place this order before the COC concerned with M/s K.S.K. Mahanadi Power Company Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HE RESOLUTION PROFESSIONAL DUE TO ANY LEGAL CONCERNS/CHALLENGES RAISED ON SUCH PAYMENTS BEING PAID FROM THE CORPORATE DEBTOR S FUNDS. The representative of RP team read the following Resolution to be voted upon: RESOLVED THAT pursuant to Section 21(8) of the Insolvency and Bankruptcy Code, 2016 and in accordance with rules and regulations made thereunder, approval of the Committee of Creditors be and is hereby accorded to verify and approve the pending bills of Cyril Amarchand Mangaldas. FURTHER RESOLVED THAT Mahender Khandelwal, Resolution Professional, is hereby authorised to make the payment of fees of Cyril Amarchand Mangaldas on behalf of the Committee of Creditors after authentication of such fees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Thereafter, the Resolution was modified as follows: RESQLVED THAT pursuant to Section 21 (8) of the Insolvency and' Bankruptcy Code, 2016 and in accordance with rules and regulations made thereunder, approval of the Committee of Creditors be and is hereby accorded to verify and approve the pending bills of Cyril Amarchand Mangaldas. FURTHER RESOLVED THAT Mahender Khandelwal, Resolution Professional, is hereby authorised to continue to make the payment of fees of Cyril Amarchand Mangaldas in line with their, mandate letter, after confirmation of invoices and payment by Punjab National Bank or State Bank of India, on behalf of the Committee of Creditors. FURTHER RESOLVED THAT in case, any concerns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019, the petitioner has deposited ₹ 29,24,167/- with the Registry of this Court. The statement of the counsel is taken on record. 7. Under these circumstances, for the moment, the operation of the impugned order, insofar as it prevents the petitioner from accepting a new assignment as an Interim Resolution Professional (IRP) or Resolution Professional, is stayed. 8. This direction was required to be passed as despite the impugned order stating that the restraint qua the petitioner will kick in only if amounts mentioned therein were not paid, respondent no.1/IRBI refused to relent notwithstanding the aforementioned direction for deposit of monies in court. 9. The counter-affidavit(s), if any, be filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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