TaxTMI 
TaxTMI 
2022 (7) TMI 360
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.... Sr. Adv. Ms. Gauri Rishi, Adv. Mr. Supriya Gole, Adv. Ms. Srishti Juneja, Adv. Ms. Garima Sehgal, Adv. Ms. Avantika Sharma, Adv. For SIDCL (Intervener) : Mr. Ratnanko Banerji, Sr. Adv. Mr. Sourav Jain, Adv. For Yes Bank : Mr. Jishnu Chowdhury, Adv. Mr. Sounak Ghosh, Adv. Mr. SaptarshiSaha, Adv. ORDER Per: Rohit Kapoor, Member (Judicial) 1. The Court is convened through hybrid mode. 2. One Suspended Director of Corporate Debtor through the medium of instant Application IA(IB) filed under Rule 11 read with Section 60(5) of the Code of National Company Law Tribunal filed on 9-06-2022 before this Tribunal has sought the following reliefs; - i. Stay the operation of the Expression of Interest issued by the Resolution Profes....
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....Resolution Professional by Committee of Creditors on 11th of March 2022, by 100% majority, appointed E &Y Restructuring LLP as the advisor and provider of support services to the IRP/RP for the duration of Corporate Insolvency Resolution process of the Corporate Debtor. The copy of the minutes of the meeting of the CoC held on 11th of March 2022 has been annexed as Annexure - A6 with the application. The Applicant is aggrieved of issuance of EOI and appointment of E & Y Restructuring LLP as the advisor and provider of support services to the IRP/RP on various grounds as set out in this IA. The applicant has stated that he has reasonable apprehension that confidential and privileged information shared by the Corporate Debtor with the support....
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....pt for rehearing of order of admission after expiry of prescribed period of limitation of 45 days for filing appeal. ii. Applicant, a suspended Director in the garb of this application filed on 09-06-2022 is seeking review/recalling of order dated 11th of February, 2022 passed by this Adjudicating Authority while admitting an application under Section 7 of the Code. We of the considered view, this application is not maintainable as this Applicant in this present application cannot be permitted to re-argue/reopen order of admission passed in application under Section 7 on 11-02- 2022 which has attained finality. It is not some error as such which can be corrected by this Adjudicating Authority while exercising powers under section 1....
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....g appointment of support provider was taken extracted and attached herein below: From the minutes of CoC it emerges that: a. It is the CoC that has eventually engaged support service provider and not the RP, therefore, contention of applicant the resolution professional appointed the support service provider (Paragraph xvii of IA) is factually in-correct. b. CoC has taken an informed decision by 100 % voting while appointing EY Restructuring LLP as support service provider to Resolution Professional and after taking into consideration there was no conflict of interest. We are of the considered view; it is the commercial wisdom of the CoC what to do best in the interest of the resolution process. Also, this Adjudic....
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....ons and also keeping in view the object of the Code and principle of minimum judicial interference by this Adjudicating Authority reiterated by Hon'ble Supreme Court of India in its recent judgement on 05-06-2022 in Civil Appeal nos. 1811-1812 of 2022 Vallal RCK versus Siva Industries and holdings limited and others, paragraph 27, this IA (IB) 477/KB/2022 is hereby rejected. viii. The registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps. ix. Certified Copy of this order may be issues, if applied for, upon compliance of all requisite formalities. Signed on this, the 30th day of June, 2022 ============= Document 1 Fee....