TaxTMI 
TaxTMI 
TaxTMI 
2019 (11) TMI 66
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....ishti Kapoor, Advocate for RP Mr. Yashvardhan, Mr. Kanishk Rana and Mr. Kritika Nagpal, Advocates Ms. Prachi Johri, Advocates, Ms. Srishti Kapoor, Advocate for RP Ms. Prachi Johri, Advocate, Ms. Srishti Kapoor, Advocate for RP And Ms. Srishti Kapoor, Advocate for RP JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. Pursuant to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) filed by the 'Corporation Bank', the 'Corporate Insolvency Resolution Process' was initiated against 'Amtek Auto Limited' ('Corporate Debtor') on 25th July, 2018. In the said case, the 'Resolution Professional' filed one application CA No. 08 of 2018 seeking extension of the period of completion of Insolvency Resolution Process based on the decision taken in 5th Meeting of the 'Committee of Creditors' held on 6th December, 2017 and the period was extended by another 90 days by order dated 17th January, 2018. 2. 'Kotak Mahindra Bank' filed one CA No. 61 of 2018; 'ICICI Bank' filed another CA No. 77 of 2018; 'IDBI Bank' filed CA No. 177 & 178 of 2018 and the 'Central Bank of India' filed CA No. 72 of 2018 before the Adjudicating Authority. 4 3. The Applicant Banks ....
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....im resolution professional.-(1) The interim resolution professional shall perform the following duties, namely- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such other matters as may be specified; (b) receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under Sections 13 and 15; 7 (c) constitute a committee of creditors; (d) monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors; (e) file information collected with the information utility, if necessary; and (f) take control and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities....
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....solution professional or the resolution professional, as the case may be, shall verify every claim, as on the insolvency commencement date, within seven days from the last date of the receipt of the claims, and thereupon maintain a list of creditors containing names of creditors along with the amount claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims, and update it. (2) The list of creditors shall be- (a) available for inspection by the persons who submitted proofs of claim; (b) available for inspection by members, partners, directors and guarantors of the corporate debtor; (c) displayed on the website, if any, of the corporate debtor; (d) filed with the Adjudicating Authority; and (e) presented at the first meeting of the committee. 14. Determination of amount of claim.- (1) Where the amount claimed by a creditor is not precise due to any contingency or other reason, the interim resolution professional 13 or the resolution professional, as the case may be, shall make the best estimate of the amount of the claim based on the information available with him. (2) The interim resolution profession....
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....udicial in nature, and which can be appealed against to the Adjudicating Authority under Section 42 of the Code. 90. Unlike the liquidator, the resolution professional cannot act in a number of matters without the approval of the committee of creditors under Section 28 of the Code, which can, by a two-thirds majority, replace one resolution professional with another, in case they are unhappy with his performance. Thus, the resolution professional is really a facilitator of 17 the resolution process, whose administrative functions are overseen by the committee of creditors and by the Adjudicating Authority." 10. In view of the aforesaid position, on the ground that the 'Resolution Professional' has wrongly decided the claims of the Appellant Banks by rejecting their claims, the application under Section 60(5) was preferred by the Appellants, which according to the Appellants have not been properly adjudicated by the Adjudicating Authority. 11. Learned counsel appearing on behalf of the 'Resolution Professional' supported the action taken by him. 12. The impugned order dated 25th July, 2018 fell for consideration before this Appellate Tribunal in "Committee of Creditors of A....