2025 (6) TMI 1886

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....19/(CHE)/2024, (IB)No.179/(CHE)/2024 and (IB)No.188/ (CHE)/2024, respectively filed by the Indian Bank, Stressed Asset Management Branch/R1 before the National Company Law Tribunal, Division Bench (Bench - I), Chennai in respect of Company Petition Nos.(IB)No.219/(CHE)/2024 and (IB)No.179/(CHE)/2024 and the National Company Law Tribunal, Division Bench (Bench - II), Chennai, in respect of Company Petition No.(IB)No.188/(CHE)/2024, under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IB Code). 2. Inter alia, the petitioners also challenge the orders of the National Company Law Tribunal (NCLT/Tribunal), dated 18.10.2024, 25.09.2024 and 05.11.2024 respectively, appointing a Resolution Professional for commencement of insolvency res....

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....fore the NCLT that will be heard and decided in due course. Hence there is no merit in this writ petition that must be rejected as non-maintainable. 7. We have heard the rival contentions and perused the material papers and are of the considered view that this writ petition is both misconceived, as at this juncture, and pre-mature. 8. Learned Counsel for the petitioner has submitted that the very initiation of proceedings by the NCLT by way of the impugned order is contrary to various provisions of the IB Code. Their attempt is to curtail the proceedings before the NCLT at the very inception, as, according to them the NCLT has no jurisdiction to entertain the application filed by R1 u/s 95 of the IB Code. Per contra, R1 has contested ....

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....he exercise of judicial review; (iv) The resolution professional may exercise the powers vested under Section 99(4) of the IBC for the purpose of examining the application for insolvency resolution and to seek information on matters relevant to the application in order to facilitate the submission of the report recommending the acceptance or rejection of the application; (v) There is no violation of natural justice under Section 95 to Section 100 of the IBC as the debtor is not deprived of an opportunity to participate in the process of the examination of the application by the resolution professional; (vi) No judicial determination takes place until the adjudicating authority decides under Section 100 whether to ....

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....nly recommendatory in nature and the guarantor will be heard thereafter, at the stage of adjudication, after a copy of the Report is supplied to them, under Section 99(10) of the IB Code, there is no violation of the principles of natural justice. The ratio of this judgement is applicable to the present matter on all fours. 13. In fact, the NCLT has, in the impugned order, also referred to and quoted the conclusions in Dilip B.Jiwrajka's case.The impugned order has been passed on 05.11.2024 and the writ petition has been instituted in early 2025. Notice was issued on 24.01.2025 and no interim orders have been obtained. When the matters are taken up today, we find that, pending these writ petitions, the report of the Resolution Profession....