2019 (11) TMI 1740 - Tri - Insolvency and Bankruptcy

Tribunal Orders Submission of Loan Agreements, Sets Deadline for Claims

The Tribunal directed the non-applicant respondents to submit loan agreement documents within ten days. The application seeking to fix the fee for the ... Fixing the fee for the applicant namely Ms. Reeta Gupta, Interim Resolution Professional - HELD THAT:- In pursuance of Section 33 of the Insolvency & Bankruptcy Code CA-1144(PB)/2018 was accepted on 01.05.2019 and liquidation of the corporate debtor was ordered as recommended by the CoC. The liquidation proceedings are in progress and are pending before the Liquidator. Any claim by anyone would be competent before the Liquidator and if any adverse decision is given by the Liquidator then the provisions for filing an appeal has been made. The applicant is relegated to the remedy of filling the claim before the Liquidator - Application disposed off. Issues:1. Non-disclosure of loan agreement documents by non-applicant respondents.2. Application for fixing the fee for the Interim Resolution Professional and setting aside certain letters.3. Disposal of the application and direction to file claims before the Liquidator.Issue 1: Non-disclosure of loan agreement documentsIn the case, it was observed during arguments that loan agreement documents predating specific dates were not presented on record by the non-applicant respondents. The Liquidator's counsel assured that the documents would be submitted within ten days, duly certified by the bank's authorized personnel along with supporting affidavits. The matter was listed for further consideration on a specified date.Issue 2: Application for fixing the fee for the Interim Resolution ProfessionalThe application primarily sought to determine the fee for the Interim Resolution Professional, Ms. Reeta Gupta, and requested the setting aside of certain dated letters. It was noted that the Insolvency and Bankruptcy Code's Section 33 was invoked, resulting in the acceptance of a resolution leading to the corporate debtor's liquidation. The CoC's recommendation for liquidation was followed, and the liquidation process was ongoing under the Liquidator's supervision. The Tribunal concluded that any claims should be presented before the Liquidator, and if dissatisfied with the outcome, provisions for appeal existed.Issue 3: Disposal of the application and direction to file claims before the LiquidatorThe Tribunal disposed of the application related to fixing the fee for the Interim Resolution Professional. The applicant was directed to pursue any claims before the Liquidator, emphasizing that the Liquidator's decision could be challenged through the appeal process. The Tribunal clarified that the applicant's recourse lay in submitting claims to the Liquidator, given the ongoing liquidation proceedings and the authority vested in the Liquidator to address any claims or disputes arising in the process.