Tribunal dismisses IA(IBC)/28/2021, upholds RP's actions, citing applicant's failure to meet requirements.

The Tribunal dismissed Interlocutory Application No. IA(IBC)/28/2021, finding no merit in the applicant's claims. The RP's actions were upheld as compliant with the law and the Tribunal's previous orders. The applicant's failure to submit documents on time and substantiate his salary claim resulted in the dismissal of his application. The Tribunal did not grant any of the reliefs sought by the applicant.

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Issues Involved:
1. Legality of the Annexure AXIV order dated 29/12/2020.
2. Validity of the retrospective reduction of the applicant's salary.
3. Direction to refix the eligible claim based on the original salary.
4. Realization of costs from the respondent.

Detailed Analysis:

1. Legality of the Annexure AXIV Order Dated 29/12/2020:
The applicant sought to set aside the Annexure AXIV order issued by the Resolution Professional (RP) on 29/12/2020, alleging inherent illegality and willful malafides. The Tribunal examined whether the RP's actions were in compliance with the Tribunal's previous orders and the principles of natural justice. The applicant argued that the RP did not provide an opportunity to substantiate his claim, violating Regulation 10 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. However, the Tribunal found that the applicant submitted the required documents only on 28/12/2020, a day after the deadline of 27/12/2020, and noted that the RP had already finalized the Resolution Plan by then. The Tribunal concluded that there was no error in the RP's actions, and the application lacked merit.

2. Validity of the Retrospective Reduction of the Applicant's Salary:
The applicant contended that his salary was unlawfully reduced from Rs. 12.05 lakhs to Rs. 1.05 lakhs per month retrospectively, without notice or hearing. He presented bank statements and Income Tax Returns to support his claim of a higher salary. The RP, however, argued that the salary reduction was recorded in the Corporate Debtor's ledger and that the applicant failed to provide sufficient documentation to substantiate his claim. The Tribunal found that the records did not clearly show the salary increase and that the applicant's claim lacked adequate evidence. The Tribunal upheld the RP's decision, noting that the salary entries in the ledger supported the reduced amount.

3. Direction to Refix the Eligible Claim Based on the Original Salary:
The applicant requested the Tribunal to direct the RP to refix his eligible claim based on a salary of Rs. 12.05 lakhs per month for the period from January 2018 to April 2019. The RP had recomputed the applicant's salary and allowances based on the available records, which indicated a lower salary. The Tribunal found that the applicant's claim was not substantiated by the records and that the RP's recomputation was based on the accurate information available. Consequently, the Tribunal did not find any grounds to direct the RP to revise the applicant's claim.

4. Realization of Costs from the Respondent:
The applicant sought to recover the costs of the proceedings from the RP. Given that the Tribunal found no merit in the applicant's claims and upheld the RP's actions, it did not grant this relief. The Tribunal emphasized the principle of "Vigilantibus Et Non Dormientibus Jura Subveniunt," meaning the law assists those who are vigilant with their rights and not those who sleep on them. The applicant's delay in submitting the required documents and his failure to substantiate his claims led the Tribunal to dismiss the application.

Conclusion:
The Tribunal dismissed the Interlocutory Application No. IA(IBC)/28/2021, finding no merit in the applicant's claims. The RP's actions were upheld as compliant with the law and the Tribunal's previous orders. The applicant's failure to submit documents on time and substantiate his salary claim resulted in the dismissal of his application. The Tribunal did not grant any of the reliefs sought by the applicant.

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