2020 (10) TMI 864

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....nsolvency and Bankruptcy Code, 2016 (Code) against the decision of the Resolution Professional (RP) of the corporate debtor communicated vide the impugned e-mail dated 04.02.2019 in rejecting the claims of the applicant as an operational creditor in relation to recovery of moneys paid as mobilization advance by the applicant to the corporate debtor in terms of a Memorandum of Agreement (MOA) dated 07.04.2014 and also for recovery of an amount payable to the applicant by the corporate debtor in terms of the said MOA as outstanding performance bank guarantee and also for a claim for loss of revenue incurred by the applicant as a result of the corporate debtor's breach of obligations under the said MOA. 2. Heard Mr. J.S. Brar and Mr. Su....

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....f the corporate debtor does not support the claim of the applicant. 5. In the backdrop of the above basic facts, both the counsels have advanced arguments extensively and placed reliance on various decisions in support of their contentions. 6. The learned counsel appearing for the applicant, inter-alia, mainly contended, by referring the decision of the Hon'ble Apex Court in Swiss Ribbons Pvt. Ltd. and another Vs. Union of India and others, 2019 SCC Online SC 73, that the RP has no adjudicatory powers in deciding whether the applicant's claims are admissible and he is only required to vet, verify and collate the same. 7. In Navneet Kumar Gupta Vs. Bharat Heavy Electricals Limited - CA (AT) (Insolvency) No. 743 of 2018 dated....

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..... 'M/s. Prasad Gempex' thereafter claimed to be an 'Operational Creditor' on suggestion of the 'Resolution Professional' but the same has also been rejected." Xx xxx xxx xx 6............The question arises for consideration in both the appeals is whether the 'Resolution Professional' has jurisdiction to decide or reject the claim of one or other 'Financial Creditor' or 'Operational Creditor'. 7. Similar issue fell for consideration before this Appellate Tribunal in 'M/s. Dynepro Private Limited' vs. Mr. V. Nagarajan - Company Appeal (AT) (Insolvency) No. 229 of 2018 etc.' The Appellate Tribunal by its judgment dated 30th January, 2019 held that 'Resolution Pro....

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.... 38 to 40 of the Code. 9. In the present case, it is informed that the 'resolution plan' has already been approved by the 'Committee of Creditors' and the 'Resolution Professional' had placed the same before the Adjudicating Authority on 4th October, 2018 in 'M/s. Prasad Gempex' with regard to the 'corporate insolvency resolution process' initiated against 'M/s. Star Agro Marine Exports Pvt. Ltd.' (subject matter of Company Appeal (AT) (Insolvency) No. 291/18). A 'resolution plan' has already been approved and placed before the Adjudicating Authority (Chennai) on 4th October, 2018. However, till date no order under Section 31 has been passed. We find that 270 days have passed.....