TaxTMI 
TaxTMI 
2021 (3) TMI 1224
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.... (iii) Hold that Mr. Anil Agarwal (IBBI/IPA-001/IP-P00270/2017-18/10514) shall no longer act as the Interim Resolution Professional in the Corporate Insolvency Resolution Process of Shree Sai Prakash Alloys Pvt. Ltd. (iv) Direct Respondent No. 1 or Respondent No. 2, as this Hon'ble Tribunal may deem fit, to pay to Mr. Anil Agarwal the CIRP cost amounting to Rs. 17,81,160/- (Rupees Seventeen lakh eighty one thousand one hundred sixty only) 3. The Learned Counsels appearing for the Applicant/IRP has requested for passing order regarding payment of his fees. It is informed during the course of the hearing that the IRP has handed over back the Management to the Suspended Management of the Respondent Company. However, it is observed from the documents submitted/made available and the IA filed that- 4. On 21.05.2018, the Respondent Punjab National Bank filed applications under Section 7 of IBC before this Bench against the following three Companies: (i) Shree Sai Prakash Alloys Pvt. Ltd. [CPIB No. 24/GB/2019] (ii) Shree Sai Rolling Mills (India) Pvt. Ltd. [CPIB No. 22/GB/2019] (iii) Shree Sai Smelters (India) Pvt. Ltd. [CPIB No. 2....
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....of wages to the employees/workmen are made on time and if any material is supplied during "Corporate Resolution Process", the payment must be paid to the supplier/creditor. The 'Insolvency Resolution Professional' will also take aid of (suspended) Board of Directors, paid Directors and employees. The person who is authorised to sign the bank cheques may issue cheques only after authorization of the Interim Resolution Professional. The Banks having accounts of the 'Corporate Debtor' will also cooperate with the 'Insolvency Resolution Professional' to ensure compliance of this order." 3. Part of the Final Order dated 18.06.2020 of Hon'ble NCLAT is reproduced below: "18. In the Impugned Order, the adjudicating authority has mentioned that the Corporate Debtor gained so much time on the pretext of settlement and also by filing Writ Petition before the Hon'ble High Court of Meghalaya at Shillong and it is high time to put an end to this matter. 19. It is undisputed that by the order of the Hon'ble High Court dated 19th August 2019 parties were directed to maintain status quo till 26th August 2019. However, the Adjudicating Authori....
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....e party in the light of the directions in the body of the judgment. However, it is also made clear that the Adjudicating Authority should provide one more opportunity for the parties to consider the renewal of OTS and in the event of renewal of OTS, the said opportunity may be utilised by the parties in right earnest, of course in true letter and spirit. The parties are directed to appear before the Adjudicating Authority (NCLT, Guwahati Bench) on dated 29th June 2020. No order as to costs." 4. After the final order of the Hon'ble NCLAT, the CDs have filed three IAs - IA Nos. 39, 40 & 41 of 2020. The matter is not listed/taken up on 29.06.2020 due to shutdown/lockdown for Covid Pandemic. 5. On 07.10.2020, this Bench has taken up the IA Nos. 39, 40 and 41 of 2020 through video conference and passed the following order: "Mr. K.K. Nandi, learned counsel for the Respondent/FC is present None present for the IA/CD. 3. Mr. K.K. Nandi, learned counsel for the Respondent/FC submits that the Financial Creditor has filed an SLP before the Hon'ble Supreme Court against the order of Hon'ble NCLAT dated 18.06.2020 wherein the Hon'ble NCLAT had remanded ba....
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....m the Insolvency Commencement Date unless extended by the Court on sufficient cause. 9. The original Petitioner under Section 7 of the IBC was filed on 21.05.2018 and the same was admitted on 23.08.2019. In the process 986 days and 537 days have passed from the date of filing the application and the admission of the application respectively. 10. It is made clear that this Court is not a Recovery Court and in the name of OTS/acceptance or non-acceptance of OTS, negotiation/failure of commitment/further negotiation, CIRP period has crossed 537 days. In the absence of the clarify from the FC, CD and IRP relating to their stand on the application filed under Section 7 of the IBC, 2016, CIRP after the Judgment of the Hon'ble NCLAT, Writs filed before the Hon'ble High Court and the Hon'ble Supreme Court this Bench is not able to proceed further/dispose of the matter as the application is filed under IBC and the disposal of the matter needs to be done within the stipulated time. 11. In the meantime, the IRP has filed this petition with a prayer to hold that the CIRP stands dismissed and for payment of his dues when the matter is pending before the Ho....
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....nd also directed the Applicant not to constitute the Committee of Creditors. The Applicant in the meantime had received the claims from 1 financial creditor and 3 Operational Creditors and 1 claim from workmen in Form E. 9. That even after the stay by the Hon'ble NCLAT, the Applicant had continued performing the duties but in compliance of the orders, had not constituted the committee of creditors. The Applicant on 11.10.2019 emailed to the erstwhile management of the Corporate Debtor requesting them to provide the relevant documents and details as required to understand the business affairs of the Corporate Debtor. 13. That since the matter was pending before the Hon'ble NCLAT the Respondent No. 2 erstwhile management was least cooperating with the Applicant in providing the information as sought and even Applicant could not be able to perform the duties which he could be able to do so as per the Code, 2016 due to the stay granted by the Hon'ble NCLAT. 18. That on 18.06.2020 the Hon'ble NCLAT had passed the Final Order/judgment with regard to the Appeal filed by the Promoter/Suspended Directors of the Corporate Debtor. Vide judgment dated....
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....e body of the judgment However, if is also clear that the Adjudicating Authority should provide one more opportunity for the parties to consider the renewal of OTS and in the event of renewal of OTS, the said opportunity may be utilised by the parties in right earnest, of course in true letter and spirit The parties are directed to appear before the Adjudicating Authority (NCLT, Guwahati Bench) on dated 29th June 2020. No order as to costs." 23. That the Applicant is only concerned about the operative part which annul the order dated 23.08.2019 passed by this Hon'ble Tribunal vide which the CIRP was commenced and the Applicant was appointed as Interim Resolution Professional. As per the best understanding of the Applicant and normal reading of the judgment, the Hon'ble NCLAT had discharged the Corporate Debtors from the ongoing CIRP against all three group companies. Vide the same order the Applicants duties has also been discharged and the Applicant is no longer the officer of the Court as appointed by this Hon'ble Tribunal vide order dated 23.08.2019. Therefore, in compliance of the order dated 18.06.2020 passed by Hon'ble NCLAT, the Applicant had stopped....
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....#39;ble NCLAT and have no other motive to seek such prayer. The Applicant had bona fide controlled the affairs of the Corporate debtors. Since the Applicant is an officer appointed by the Court is also bound to follow orders passed by the Appellate Tribunal. Therefore, the Applicant while performing the duties as per the Code, 2016 had stopped controlling the business affairs of the corporate Debtor and had filed the present Application for the reimbursement of the CIRP cost which includes the fees of the Applicant for controlling the affairs of all three group companies. 29. That the Applicant had not entered into any agreement with the Financial Creditor and the management of the Corporate Debtor towards the fees of the Interim Resolution Professional. The Applicant had charged his fees as per the verbal discussion and understanding with the Respondent No. 1 Bank. 30. That it is prayed before this Hon'ble Tribunal that to allow the present Application and direct either the Respondent No. 1 to contribute towards the CIRP cost incurred by the Applicant from the date of initiation of CIRP till the passing of Final orders by the Hon'ble NCLAT in light of the....
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....t the judgment of the Hon'ble National Company Law Appellate Tribunal dated 18.06.2020, the Financial Creditor as appellant preferred three appeals before the Hon'ble Apex Court being C.A. No. 2916 of 2020, C.A. No. 2979 of 2020 and C A. No. 2994 of 2020. The corporate debtor has also preferred an appeal before the Hon'ble Apex Court being C.A. No. 1997 of 2020. The above mentioned cases were taken up together by the Hon'ble Apex Court on 16.10.2020 and vide Order dated 16.10.2020 the Hon'ble Apex Court directed the respondents/corporate debtor to file statement giving the schedule of payment of loan. Copy of the Order dated 16.10.2020 is annexed hereto and marked as Annexure-1. 4. The above mentioned appeals was listed before the Hon'ble Apex Court on 01.03.2021 and the Hon'ble Apex Court vide order dated 01.03.2021 passed order to list the case on 26.03.2021. Copy of the order dated 01.03.2021 is annexed hereto and marked as Annexure II. 5. The respondent/corporate debtor has served upon the financial creditor payment schedule as per direction of the Hon'ble Apex Court mentioned above. 6. That the financial credi....
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....IRP and IRP in person in the prayers made in all above six IAs. 15. It is stated that- 15.1. On receipt of order of the Hon'ble NCLAT dated 18.06.2020, the IRP has handed over back the Management to the Suspended Management on 20.06.2020. Though he has handed over the Management on 20.06.2020, the IRP could not submit satisfactory reply to the clarifications sought by this Bench about inordinate delay in filing these IA Nos. 7, 8 and 9/2021 after 6 (six) months of handing over the Management to the Suspended Management, with a prayer to hold the CIRP stands dismissed and he will no longer act as the IRP in this CDs. 15.2. On the other hand, when the Application is filed under Section 7 of IBC, the IRP is going to take the charge of a CD, there is no agreement/understanding between the FC and the IRP with regard to the fees of IRP and the IAs are filed by the IRP before this Bench to direct the FC/CD to pay his fees. Everything is done verbally. It is not expected and not appreciated in the case of IBC Proceedings under Section 7 of the IBC where time matters. ORDER 16. Since the Management of all three CDs have been handed over by the IRP on 20.06.2020 and the Co....