2023 (9) TMI 1406 - SC - Indian Laws

Resolution Professional's Appeals Dismissed; Neutrality Emphasized by SC, Aggrieved Parties Hold Right to Appeal.

The SC determined that the Resolution Professional should have maintained neutrality and not filed appeals. It ruled that the aggrieved parties, such as ... Maintainability of present appeal filed by Resolution Professional - HELD THAT:- The Resolution Professional should not have filed the present appeals. The Resolution Professional should have maintained a neutral stand. It is for the aggrieved parties, including the Committee of Creditors of Regen Powertech Private Limited (RPPL) and Regen Infrastructure and Services Private Limited (RISPL), to take appropriate proceedings or file an appeal before this Court. The present appeals preferred by the Resolution Professional are dismissed as not entertained. Issues involved: The role of Resolution Professional in filing appeals, maintaining neutrality, and the right of aggrieved parties to take appropriate proceedings or file an appeal before the Court.Summary:The Supreme Court, in the present judgment, opined that the Resolution Professional should have maintained a neutral stand and refrained from filing the appeals. The Court emphasized that it is the prerogative of the aggrieved parties, such as the Committee of Creditors of Regen Powertech Private Limited (RPPL) and Regen Infrastructure and Services Private Limited (RISPL), to initiate suitable actions or appeal before the Court. Consequently, the appeals filed by the Resolution Professional were dismissed. The Court also highlighted that if necessary, it can seek assistance and verify the facts from the Resolution Professional in case an appeal is lodged by the Committee of Creditors or any third party. Any pending applications were directed to be disposed of accordingly.