TaxTMI 
TaxTMI 
2018 (9) TMI 1828
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.... 9 of the IBC, 2016. The said application was admitted by this Tribunal vide its order dated 20.12.2017. 2) This Tribunal has directed the RP to prepare a revised resolution plan considering the applicant operational creditor's claim of Rs. 2,39,33,935/-. It has been stated by the RP that any claim, for inclusion in the resolution plan by the RP, needs to be backed by valid invoices and that the claim amount of Rs. 2,39,33,935/- is not supported by valid unpaid invoices and all invoices produced by the OC, so far, before the RP have been duly paid as per the books of the CD. 3) The COC in its meeting dated 18.07.2018 subsequent to this Tribunal's order dated 28.06.2018 has approved provision of the Bank Guarantee to the extent o....
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....and thus render justice. In the reply the Operational Creditor has raised the following questions; a) Whether the duties embodied on Resolution Professional under section 25 of IBC/other applicable provisions of the Code/Regulations made there under, at all can be waived by COC? b) Whether the conduct of RP is appropriate for non-invitation of Resolution Plan from prospective Resolution Applicants and later on submission of sole Resolution plan collected from the Promoters/Directors of the Corporate Debtor to COC and getting the waiver of its duties as RP irrespective of the same mandated under section 25(2)(h) read with rule 36A of CIRP Regulation? c) Whether RP is justified in submission of said defective Resolution Plan for ap....
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....cular till date. The RP has submitted in the present application that the claim of Operational Creditor can only be admitted after being backed up by valid invoices and all invoices of Operational Creditor is duly paid as per the books of the Corporate Debtor. Such submission of RP is contrary to the detailed submissions including the OC's unpaid invoices, agreements and all other relevant documents made available to the RP. 7. The RP has submitted in present application that the interest of Operational Creditor can be protected by way of Bank Guarantee from the financial creditor. The Operational Creditor has submitted that such submission is vague and irrelevant in the context of the present matter. 8. The alleged debit notes whic....
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....e by the OC this Tribunal has already passed an order dated 29.06.2018 in MA/100/IB/2018 and the same was upheld by the Hon'ble NCLAT and Hob'ble Supreme Court. In this regard the RP is directed to comply with the same. The PCS representing the OC has stated that they had copy of the invoices and the firm is directed to produce the invoices to the RP and the CD is directed to make the payment for the same without insisting on a bank guarantee and for depositing the amount in an escrow account. It is seen that the issue regarding the customs classification and tariff are pending before the Hon'ble Supreme Court and if the Hon'ble Supreme Court's verdict is in favour of the CD the same may be passed on to the corporate d....