TMI Blog2022 (9) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... early envisages the Role of a Resolution Professional in managing the affairs of the Corporate Debtor, during the Resolution Process and not, thereafter. 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 Pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 Debtor has been approved by this Tribunal and that the Applicant herein can no more contest the present application since he becomes functus officio. It was also submitted that as per the Resolution Plan, the CoC is required to take the present Application to its logical end in their name and the Applicant in the present case has no locus to maintain the present Application. Admittedly in the present case, it could be seen that the cause title of the Application has not been changed or amended. It is also s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 (Fraudulent Trading / Wrongful Trading). 5. At this juncture, this Tribunal aptly refers to Clause 2.4 of the Chapter III of the Insolvency Law Committee Report, dated 20th February, 2020 and, in fact, the Clause 2.4 is reproduced as under: - 2.4. The Committee also considered if the successful resolution applicant should be permitted to file such applications. However, it was agreed that this would possibly result in the resolution applicant being entitled to a return that was not fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 (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 new Management of the Corporate Debtor , which is responsible to file such an Application . 8. It cannot be brushed aside that Section 23 of the Insolvency Bankruptcy Code, 2016 clearly envisages the Role of a Resolution Professional in managing the affairs of the Corporate Debtor , during the Resolution Process and not, thereafter. 9. A mere running of the eye of the Resolution Plan , as approved by the Adjudicating Authority indicates under the capt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 Tribunal on going through the impugned order dated 01.07.2022 in IA(IBC)/491(CHE)/2021 in IBA/1099/2019, passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench II, Chennai), this Tribunal comes to an inevitable , inescapable , and irresistible conclusion that the view arrived at by the Adjudicating Authority (National Company Law Tribunal, Division Bench II, Chennai) in dismissing the IA(IBC)/491(CHE)/2021 in IBA/1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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