9911796707
TMI Blog2022 (9) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... ' (National Company Law Tribunal, Division Bench - II, Chennai). 2. Earlier, the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - II, Chennai), while passing the 'impugned order' dated 01.07.2022 in IA(IBC)/491(CHE)/2021 in IBA/1099/2019 (filed by the Applicant / Appellant / Represented by Erstwhile Resolution Professional under Section 66 (1) of the Insolvency and Bankruptcy Code, 2016), at Paragraph Nos.17 and 18 had observed the following: - "Heard the submissions made by the Learned Counsel for both the parties. It could be seen that the Learned Counsel for the 1st Respondent has submitted that the present Application is not maintainable in view of the fact that the Resolution Plan in respect of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erein at Paragraph 'C', it is mentioned as under: - "The Applicant is entitled to maintain Section 66 applications filed during CIRP period, even after the approval of the resolution plan, as envisaged in Clause 5.2.10 of the resolution plan, which was approved by this Hon'ble Tribunal vide order dated 01.02.2022. Therefore, by no stretch of imagination it can be stated that the Applicant cannot maintain the present application." and submits that, when the aforesaid clause in the 'Resolution Plan' envisages that even after the 'Approval' of the 'Resolution Plan', as specified in Clause 5.2.10 of the 'Resolution Plan', the Applicant is entitled to maintain the 'Application' filed under Section 66 of the Insolvency & Bankruptcy Code, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the proceeds, if any, from such proceedings shall be distributed. Provided that this clause shall not apply to any resolution plan that has been submitted to the Adjudicating Authority under sub-section (6) of section 30 on or before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022.] (Inserted by Notification No.IBBI/2022-23/GN/REG084, dated 14th June, 2022 (w.e.f. 14-06-2022). 7. It must be borne in mind that CIRP in the instant case had attained finality and that the 'Resolution Professional' became 'functus officio' and he cannot file / prefer / pursue any 'Application' on behalf of the 'Company'. It is only be to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n issue. 11. It is an established fact that the Interim Resolution Professionals / Resolution Professionals are required to play their part, as per the ingredients of the Insolvency & Bankruptcy Code, 2016. They are to provide for a 'mechanism' in aid to benefit of the 'Corporate Debtor' not only during the 'interregnum period' of 'Insolvency' but also till the 'Resolution Process' is completed. Suffice it for this 'Tribunal' to make a pertinent mention that the 'Role' of a 'Resolution Professional', much less of the 'Erstwhile Resolution Professional' is that he cannot proceed any further, after the 'Resolution Plan' is approved by the 'Adjudicating Authority'. 12. Be that as it may, in the light of foregoing discussions and also this 'T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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