TMI Blog2020 (9) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... years and had been dealing with the accounts of the Corporate Debtor a fact which the Corporate Debtor claims not to be in know-of previously. The Appellant may not be currently in employment of the Financial Creditor or drawing salary under it but the fact remains that on account of services rendered in past an element of loyalty is there which cannot be ignored. In view of this fact appreciation on the part of the Corporate Debtor that the Appellant would not be fair in his working as Resolution Professional cannot be dismissed off-hand more so when an instance of deviation was pointed out which the Appellant, when confronted, admitted as a mistake. This factual position emanates from the impugned order. This is independent of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor previously. The impugned order is assailed on the ground that the removal of the Interim Resolution Professional who had been appointed and confirmed can be carried out only with concurrence of Committee of Creditors . After hearing the learned counsel for the Appellant, we find that admittedly the Appellant had been in gainful employment of the Financial Creditor for 34 years and had been dealing with the accounts of the Corporate Debtor a fact which the Corporate Debtor claims not to be in know-of previously. The Appellant may not be currently in employment of the Financial Creditor or drawing salary under it but the fact remains that on account of services rendered in past an element of loyalty is there w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded on 16th July, 2018, this Appellate Tribunal observed that merely because a Resolution Professional is empanelled as an Advocate or Company Secretary or Chartered Accountant with the Financial Creditor cannot be a ground to reject the proposal of his appointment unless there is any disciplinary proceeding pending against him or it is shown that the person is an interested person being an employee or on the payroll of the Financial Creditor . Admittedly, no disciplinary proceedings are pending against Mr. Shailesh Verma and he is not on aforestated panel or engaged as a retainer by the Financial Creditor . He had a long relationship with the Financial Creditor , spanning around four decades, before demitting office as the Chief Gen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Verma had a long association of around four decades with the Financial Creditor serving under it and currently drawing pension coupled with the fact that the Interim Resolution Professional is supposed to collate all the claims submitted by Creditors, though not empowered to determine the claims besides other duties as embedded in Section 18 of the I B Code raised an apprehension in the mind of Respondent- Corporate Debtor that Mr. Shailesh Verma as the proposed Interim Resolution Professional was unlikely to act fairly justifying the action of the Adjudicating Authority in passing the impugned order to substitute him by another Insolvency Professional. Observations of the Adjudicating Authority in the impugned order with regard ..... X X X X Extracts X X X X X X X X Extracts X X X X
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