2020 (10) TMI 684

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....klingram Thirunavukkarasu , Member ( T ) For the Appellant : Rachna Pastore for Natasha Dhruman Shah For the Respondent : Rasesh Parikh , Advocates ORDER Manorama Kumari , Member ( J ) 1. The instant IA is filed by the Resolution Professional of Raninga Ispat Pvt. Ltd under section 60 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IB Code") with the prayers....

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....s Resolution Professional (hereinafter referred to as RP) by the CoC in its first meeting held on 22.03.2018. 2.2. It is further stated that one of the erstwhile directors of the Corporate Debtor preferred an appeal being Company Appeal (AT) (Insolvency) No. 140/2018 to the Hon'ble NCLAT against the aforesaid order dated 21.02.2018 passed by this Bench. The Hon'ble NCLAT vide its ....

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....nd is allowed to function independently through its Board of Directors from immediate effect". 3. On perusal of record it is found that the applicant as IRP was recommended by the Financial Creditor and the applicant continued as RP as decided and resolved by the COC. 4. The Applicant has made all possible attempts not only to protect and preserve the value of the property of the Corporate D....

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....ion. ARCIL has pleaded that the very initiation of CIRP is illegal at the hands of the Original Applicant, the entire CIRP cost ought to be borne solely by the Original Applicant and not by the CoC. 6. On perusal of the records, it is found that ARCIL was part of the CoC. When CoC was constituted by the RP, the ARCIL was included in the CoC on his consent and always remained present in the meet....