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TMI Blog2019 (11) TMI 1695X X X X Extracts X X X X X X X X Extracts X X X X ..... within the ambit of the said Order dated June 18, 2019 in terms of the order dated October 18, 2019 in Criminal Misc. Application (Modification of Order) No. 1 of 2019 in Criminal Misc. Application No. 8438 of 2019. (3) Any other orders which this Hon'ble Court may, in the light of the facts of the present Application. " 3. This application has been preferred on 09.11.2019. This Court on 11.11.2019 passed the following order:- "1. Application is filed by the Resolution Professional (RP) appointed by the National Company Law Tribunal (NCLT) vide order dated 23.10.2018 to conduct corporate insolvency resolution process of M/s Diamond Power Infrastructure Limited under the provisions of Insolvency and Bankruptcy Code, 2016. 2. The application being Criminal Miscellaneous Application No. 8438 of 2019 was moved by RP referring to one of the corporate debtors Mr.Amit Suresh Suresh Batnagar, missing out the name of Mr.Sumit Suresh Bhatnagar. This Court vide order dated 18.06.2019 of Court has made a reference of both the corporate debtors. However, since the application in it application missed out the said name, for clarification/ modification, this application has been prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of the Insolvency and Bankruptcy Code, 2016 (in short, 'Insolvency Code'), who is the Corporate Debtor ('CD' in brief). 2. According to the applicant, during the conduct of the CIRP of the Corporate Debtor, Mr. Amit Suresh Bhatnagar, had sent an e-mail dated 05.08.2019 to the Applicant, informing him that the Order dated 18.06.2019 has been passed by this Court in bail application being Criminal Misc. Application No. 8438 of 2019, preferred under section 439 of the Code of Criminal Procedure, 1973 , by Mr. Amit Suresh Bhatnagar. The, further, information sent by the said person to the applicant was that the Court has restricted the sale of all the properties owned by DPIL and Mr. Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar. 2.1 It is the say of the applicant that the properties mentioned in the bail order of this Court, include the properties, which are owned by the DIPL and are in custody and control of the applicant, as a RP of DPIL. 2.2 The applicant, therefore, seeks modification of the relevant portions of the order of this Court dated 18.06.2019, granting bail, on the ground that these are the properties of the Company and not that of the erstwhile Directors. Mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us orders of the Tribunal and of this Court, as a whole, that unless the order is modified, it would be impossible for the present applicant to conduct the CIRP process. It is, further, his say that the properties, which are five in numbers at Paragraphs-14 and 19 of the order of this Court dated 18.06.2019 continue to remain attached and therefore, it would be impossible for the RP to work under Section 14 of the Insolvency Code, which provides that no proceedings, adverse to the CD, Corporate Debtor, can be initiated. The Court, on one hand has observed that DIPL is going under CIRP and the RP has already been appointed and on the other hand, it imposes restrictions, while enlarging both the brothers on bail. It is urged that, while passing the order of bail, such restrictions have been imposed, inadvertently. It is, further, his say that during the process, the applicant is obligated to prepare an information memorandum, as per Section 9 of the Insolvency Code, which forms the basis of the resolution plan. He also has drawn the attention of this Court that till date, the appeal has not been preferred by the ED and since, it has not objection and the matter is not kept before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out that the parties are separately taking recourse, so far as the attachment of the order passed by the ED is concerned and that course is open to both the parties and this Court need not enter into that arena, at the time of deciding the application of the RP for modification of the order passed by this Court, at the time or releasing the accused on bail. 8.3 This Court is conscious, as is rightly pointed out by the learned Advocate that there was already appointment of the RP, who was also required to undertake the CIRP process in relation to the DPIL. Considering the time constraint with the RP and also his appointment under the Insolvency Code, who is acting for and on behalf of the Tribunal, with the interest of the consortium banks and with no objection on the part of the CBI, except, the contention raised in relation to the giving opportunity of hearing to the ED, this Court is inclined to consider and accede to the request of the applicant. 9. Resultantly, this application is allowed and the order of this Court, Dated: 18.06.2019, passed in Criminal Misc. Application No. 8438 of 2019 is modified to the extent that the properties mentioned vide Sr. Nos. 1 to 4 in Paragr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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