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TMI Blog2019 (8) TMI 1875X X X X Extracts X X X X X X X X Extracts X X X X ..... of the impugned order dated 4th February, 2019 passed by the Adjudicating Authority ('National Company Law Tribunal'), New Delhi Bench, New Delhi in Company Petition no. (IB)-292(ND)/2017 wherein certain observations have been made giving rise to initiation of proceeding by 'Insolvency and Bankruptcy Board of India' (IBBI). 2. The grievance of the Appellant is against the following observations made by the Adjudicating Authority: - "5.5. It is seen that the RP has not complied with the directions of this Tribunal as per para 10 of our order dated 15.10.2018. "it is also noted that the valuation report of two valuers as submitted by the Resolution Professional during the course of proceedings to consider the resolution plan did not ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ef and blanket exemptions from payment of dues, penalties etc., as well as withdrawal of all pending cases against the CD, did not even exclude from the prayer, the relief regarding which he himself had a doubt. One such prayer is quoted below:- " Direct the financial creditors and operational creditors (who have filed cases recovery of their dues) to withdraw all suits/applications filed against the Corporate Debtor on approval of the Resolution Plan: (can we pray that on approval of this plan by the tribunal, all the existing litigations shall stand disposed off)". 8.7 In CA 858/C-II/ND/2018, the RP while seeking approval of this Tribunal for liquidation of the CD has also sought approval for private sale of the assets of two units, n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... COC to appoint the present RP as liquidator is not approved. We are persuaded that, it would be appropriate to refer the matter to the IBBI, the body for regulating the functioning of the Resolution Professionals, to examine the actions of the Resolution Professional and taking suitable action. The IBBI is also requested to suggest the name of another approved Resolution Professional to act as Liquidator. The Liquidator appointed after recommendation of IBBI shall also get a fresh valuation done of the assets of the Corporate Debtor. The liquidator so appointed will also appoint a qualified CA to determine the claim of the Operational Creditor, SBIPL and consider the same as mentioned in Para 3.4.5 above." 3. Normally, the Adjudicating Au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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