TMI Blog2020 (2) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of assets of the 'Corporate Debtor' by not protecting or not handing over the Germ Plasm/parent seeds, the auction purchaser has been rightly directed to pay the difference amount of ₹ 31 lakhs to the Liquidation Account of the 'Corporate Debtor' which he had agreed - The 6th Respondent- Mr. Kiran Gubba, has been rightly directed to make good the loss caused to the 'Corporate Debtor' by dumping Germ Plasm/Parent seed by paying the value of the same. Application dismissed. - Company Appeal (AT) (Insolvency) No. 1200 Of 2019 - - - Dated:- 20-11-2019 - Justice S.J. Mukhopadhaya, Chairperson Bansi Lal Bhat And Venugopal M., Judicial Member Prashanso C. Sen, Sr. Adv., T.N. Durga Prasad and Kaustubh Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Company before going for sale. 5. It was alleged that the Liquidator has caused a loss of around Rupees Three Crores in respect of Liquidation value of the Company by not valuing the Plant and Machinery. The Adjudicating Authority, after hearing the parties, by order dated 9th August, 2019 rejected the application but taking into consideration the fact that Mr. Kiran Gubba, Director of Gubba Cold Storage (P) Ltd.' (6th Respondent before the Adjudicating Authority) has caused loss to the value of assets of the 'Corporate Debtor' by not protecting/handing over the Germ Plasm/Parent seeds to Liquidator (2nd Respondent before the Adjudicating Authority) and directions were issued in the interest of maximizing the value of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the same to the notice of the Insolvency and Bankruptcy Board of India, who was the Competent Authority to take any action after necessary enquiry. 10. It is stated that the complaint has been lodged before the Insolvency and Bankruptcy Board of India but that cannot be a ground for Adjudicating Authority to decide bias as alleged. 11. We have already held in other cases that the Adjudicating Authority has no jurisdiction to decide any allegations either against the 'Resolution Professional' or the Liquidator. Though if any act of the 'Resolution Professional' or the Liquidator, against the provisions of the 'I B Code', is noticed then the matter is to be referred to the Insolvency and Bankruptcy Board of I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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