Appeal dismissed: Resolution Professional cannot prosecute under Section 70 of the Insolvency and Bankruptcy Code, 2016.

The Tribunal dismissed the appeal challenging the lower Tribunal's order, which rejected an application under Section 70 of the Insolvency and Bankruptcy Code, 2016, due to lack of jurisdiction. The Tribunal upheld the decision that the Resolution Professional (RP) cannot initiate prosecution under Section 70, as this authority is reserved for entities like the Insolvency and Bankruptcy Board of India (IBBI) or the Central Government. The RP was permitted to file an appropriate application with the IBBI if deemed necessary.

---

---

Issues: Jurisdiction of the Tribunal to entertain application under Section 70 of the Insolvency and Bankruptcy Code, 2016

Paragraph 1: The appeal was against an order dismissing an application filed under Section 70 of the Insolvency and Bankruptcy Code, 2016, citing lack of jurisdiction. The Counsel for the Appellant referenced a previous decision of the Tribunal where it was held that the Resolution Professional (RP) is not authorized to initiate prosecution under Section 70, and only certain entities like the Insolvency and Bankruptcy Board of India (IBBI) or the Central Government can do so.

Paragraph 2: The Tribunal found no error in the order of the lower Tribunal and dismissed the present appeal. However, the Resolution Professional was granted liberty to file an appropriate application with the IBBI if advised to do so.

---