TaxTMI 
TaxTMI 
2022 (10) TMI 1301
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....) of the Corporate Debtor was initiated by the Adjudicating Authority vide order dated 27.05.2020. The Appellant was appointed as Interim Resolution Professional (IRP) and subsequently the RP to conduct the CIRP of the Corporate Debtor. At the time of order dated 27.05.2020 moratorium was declared in terms of Section 14 of the Code and it was specifically ordered that no party can transfer, encumber, eliminate or dispose of any asset of the Corporate Debtor. The Appellant came to know about his appointment on 28.05.2020 as IRP from one of the Financial Creditor when the copy of the order dated 27.05.2020, passed by the Adjudicating Authority, was given to him. The Appellant sent WhatsApp messages to the Respondent on 29.05.2020, requesting them to share the email ID to send the check list for handing over the complete documents. The Respondent replied to the WhatsApp communication dated 29.05.2020 on 30.05.2020 through WhatsApp stating that one of the employees, namely, Mr. Anil, responsible for hospital IT system and also interdepartmental co-ordination has been tested Covid positive due to which the staff of the hospital both administrative and otherwise would not be in a positio....
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.... of the IRP, the then administration of the hospital though suspended had no other option but to run the hospital. 6. It is also observed that similar application i.e. I.A No. 1255 of 2021 was dismissed on 14.10.2021, wherein the present Appellant had made a request for restoration of sum of Rs. 55,29,506/- which was allegedly withdrawn by the Corporate Debtor between 27.05.2020 to 07.09.2020 from the account maintained by the IDBI Bank and Overseas Bank. 7. Counsel for the Appellant has argued that as per scheme of the Code, once the moratorium was declared under Section 13, transferring of assets by the Corporate Debtor is prohibited in terms of Section 14(1)(B) of the Code. It is also submitted that with the appointment of the IRP the management and affairs of the Corporate Debtor was vested in him and as per Section 18, it is the duty of the RP to preserve the assets of the Corporate Debtor. It is submitted that, in so far as, the amount of Rs. 25,32,534/- which is alleged to have been spent, the Appellant has no grievance but the amount of Rs. 41,70,000/- which has been illegally transferred by the Respondent to Rancan Impex Pvt. Ltd. (related party) during the period of....
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....y is occupied by or in the possession of the corporate debtor. 1[Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;] (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. 1[(2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and m....
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....name and on behalf of the corporate debtor all deeds, receipts, and other documents, if any; (b) take such actions, in the manner and subject to such restrictions, as may be specified by the Board; (c) have the authority to access the electronic records of corporate debtor from information utility having financial information of the corporate debtor; (d) have the authority to access the books of account, records and other relevant documents of corporate debtor available with government authorities, statutory auditors, accountants and such other persons as 1[may be specified; and] 2[(e) be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor.] Section 18: Duties of interim resolution professional. *18. The interim resolution professional shall perform the following duties, namely:- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) business operations for the previous two years; (ii) ....
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....t of affairs of Corporate Debtor shall vest immediately with the IRP on his appointment and the powers of board of directors are suspended. Section 18 provides for the duties of IRP which includes taking of control and custody of the assets of the Corporate Debtor. Thus, from the aforesaid provisions, it is apparent that with the passing of the order of admission, initiation of CIRP of the Corporate Debtor, appointment of IRP and declaration of moratorium, the powers of the board of directors of the Corporate Debtor are suspended and are vested with the IRP. Hence, the suspended board of directors of the Corporate Debtor looses their competence and jurisdiction to deal with the assets of the Corporate Debtor in any manner much less for the purpose of transferring its assets which is clearly prohibited under Section 17(1)(b) of the Code. 13. In the present case, the RP has not raised any issue with regard to incurring of expenses of Rs. 25,32,534/- by the Corporate Debtor for the purpose of running of the hospital but has raised the dispute about the transfer of Rs. 41,70,000/- by the Corporate Debtor to Rancan Impex Pvt. Ltd. which is otherwise allegedly a related party. The vie....