2020 (3) TMI 1400 - Tri - Insolvency and Bankruptcy

Tribunal Orders Compliance with Deadlines for Affidavits, Payments, and Property Detachment

The Tribunal directed the parties in various cases to comply with specific orders and deadlines. The Resolution Professional was instructed to file ... Withdrawal of auction notices - seal and detach the projects site - HELD THAT:- As per the submission of the counsel for the Resolution Professional the claim has been admitted. In spite of that the property has not been released from the attachment and notices were issued for auction of the property by the said Authority - It is on record that in the present matter CIRP has been initiated against JNC Construction Private Limited on 30.05.2019 and the moratorium was declared. The Interim Resolution Professional has made efforts to seek the detachment of the property and to take the possession of the same but till date the possession has not been given by the said authority. List on 30.03.2020. Issues:1. Additional affidavit and original invoices for expenditure during CIRP.2. Compliance with payment order to Interim Resolution Professional.3. Direction to Deputy District Magistrate to remove seal and detach property.4. Filing of reply by Resolution Professional.5. Time for amending CAs.6. Service notice to respondents and filing of reply.Analysis:1. The Tribunal directed the counsel for the erstwhile Resolution Professional to file an additional affidavit along with original invoices related to expenditure made during the Corporate Insolvency Resolution Process (CIRP) within three days. The matter was listed for further proceedings on 18.03.2020.2. In another case, the Tribunal ordered the Committee of Creditors (CoC) to comply with the payment order of Rs. 3,00,000 per month to the erstwhile Interim Resolution Professional within one week. The Resolution Professional was directed to obtain a copy of the order and send it to the CoC for compliance. The Resolution Professional was also instructed to file an affidavit of compliance on the next hearing date, which was set for 18.03.2020.3. A prayer was made to direct the Deputy District Magistrate Ghaziabad to remove the seal and detach a project site, withdrawing auction notices for the property. Despite the claim being admitted, the property was not released from attachment, leading to auction notices being issued. The Tribunal directed the Magistrates to remove the seal, detach the project site, and hand over possession of the property within two weeks. Failure to comply would require the concerned Magistrates to appear before the Bench on the next hearing date, scheduled for 30.03.2020.4. Regarding an application, the Tribunal directed the counsel for the Resolution Professional to file a reply within two weeks, with the matter listed for the next hearing on 30.03.2020.5. The counsel for the Resolution Professional sought time for amending certain documents. The Tribunal granted the requested time, listing the matter for the next hearing on 30.03.2020.6. In a separate case, the Tribunal directed the counsel for the applicant to serve fresh notices to respondents and file an affidavit of service on the next hearing date. The counsel for respondent No. 1 was also directed to file a reply by the next hearing, scheduled for 30.03.2020.