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TMI Blog2024 (1) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... ion filed by the appellant under section 60(5) of the Insolvency & Bankruptcy Code, 2016 (in short 'Code') seeking direction to release payment of Rs. 42,41,995 as an Operational Creditor, for the services rendered during the CIRP period, has been dismissed. 2. In brief, an application filed under section 9 of the Code, by an Operational Creditor, for resolution of its debt, against M/s Orchid Pharma Ltd. ('Corporate Debtor') was admitted on 17.08.2017 and the Resolution Professional was appointed on 27.10.2017. 3. The Appellant filed the claim in form B of an amount of Rs. 69,55,770 on 23.3.2018. The RP admitted the claim only to extent of Rs. 18,89,848/-. It is an admitted fact that the Resolution plan submitted by SRA was approved by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application filed under Section 60 of the Code lays down the power of the Adjudicating Authority and Section 60(5) is an omnibus provision as per which any application or proceedings may be disposed of by the Tribunal filed by or against the Corporate Debtor or Corporate Persons. In this regard, Counsel for the Resolution Professional has submitted that no doubt that the application is prior in time to the passing of the order by the Adjudicating Authority approving the Resolution Plan on 27.06.2019 but once the Resolution Plan has been approved and on the application filed under Section 60(5) no stay was granted by the Tribunal for not approving the Resolution Plan till the application is decided, the said application had become redundant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be filed on the following grounds, namely : (i) the approved resolution plan is in contravention of the provisions of any law for the time being in force ; (ii) there has been material irregularity in exercise of the powers by the resolution professional during the corporate insolvency resolution period; (iii) the debts owed to operational creditors of the corporate debtor have not been provided for in the resolution plan in the manner specified by the Board; (iv) the insolvency resolution process costs have not been provided for repayment in priority to all other debts; or (v) the resolution plan does not comply with any other criteria specified by the Board. Subs. by Act 26 of 2021, s. 9, for sub-section (4) (w.e.f. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal guarantor, as the case may be, of such corporate debtor] shall be filed before such National Company Law Tribunal. (3) An insolvency resolution process or 2 [liquidation or bankruptcy proceeding of a corporate guarantor or personal guarantor, as the case may be, of the corporate debtor] pending in any court or tribunal shall stand transferred to the Adjudicating Authority dealing with insolvency resolution process or liquidation proceeding of such corporate debtor. (4) The National Company Law Tribunal shall be vested with all the powers of the Debt Recovery Tribunal as contemplated under Part III of this Code for the purpose of sub-section (2). (5) Notwithstanding anything to the contrary contained in any other law for the time b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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