9911796707
TMI Blog2019 (12) TMI 1354X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency Resolution Process (CIR Process) against the Corporate Debtor vide its Order dated 20.11.2019. By virtue of the said Order, at the time of admission of the Application, one Mr. V. Mohan whose Registration No. IBBI/IPA-001/IP-P00596/2017-18/11048 (email id: [email protected], Mobile No. 9381039284), was appointed as Interim Resolution Profession in view of the CIR Process of the Corporate Debtor. It was also directed by virtue of the said Order of the Interim Resolution Professional to comply with the provisions of Sections 13(2), 15, 17 & 18 of the Insolvency and Bankruptcy Code, 2016 (in short, I&B Code, 2016) as well as in relation to the other compliances including causing paper publication to be effected in terms of Regulation 6 (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them expressed, their willingness to settle the amount due and arrive at memorandum of settlement and recall the petition by filing the necessary document before the NCLT Divisional Bench-1 Chennai. It is pertinent to note that the Corporate Debtor had taken a DD in favour of the Operational Creditor for an amount of Rs. 2,00,000 vide DD No. 595109 dated 18.11.2019 drawn on Karnataka Bank Ltd. for handing over to the Operational Creditor. The Council for the Corporate Debtor could not handover the same to the creditor since the amount was lower than the amount specified in the order of the NCLT dated 06.11.2019. 3. On Monday the 25th November 2019 a meeting was organized at my office, wherein Mr. W. KABEER AHMED, Director of Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IB/2018 (GAGAN BOTHRA (VS) ALAM INDUSTRIES) the NCLT Single Bench-1, Chennai accepted the non release of public announcement and in view of the settlement between the litigants has ordered recall of the original order. Copy of the order dated 29.04.2019 in the above case is enclosed for your immediate reference. Based on the above facts submitted I request the Honorable Bench to arrange for early hearing and pass necessary orders in the case relating to CP/1439/IB/2018 filed on 26/11/2019 vide Diary No. 6096/26.11.2019/10.56'. From the perusal of the above Application, it is seen that the Learned Interim Resolution Professional appointed by this Authority has clearly exceeded his powers as vested with him under the provisions of I&B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t which has been rendered by the Hon'ble Supreme Court in Swiss Ribbons Pvt. Ltd. & Ors. Vs. Union Of India & Ors., (2019 SCC Online SC 73) wherein even though this Authority is vested with inherent power as provided under Rule 11 of NCLT Rules, 2016, but however, that will not extricate the Interim Resolution Professional to perform his duty in calling for the claims from the Creditors. Thus, the act of the Interim Resolution Professional as brought out in the Application filed by him clearly demonstrates that he has acted in the manner subversive to the order passed in initiation of CIR Process as well as the provisions of I&B Code, 2016. As has been held by the Hon'ble NCLAT in Dhinal Shah Vs. Bharati Defence Infrastructure Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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