2026 (2) TMI 1217

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....learned counsel for the Appellant, learned counsel for the Financial Creditor - Respondent No. 1 and 2 as well as learned counsel for the Ex-Resolution Professional. This appeal by the Successful Resolution Application has been filed challenging the order dated 11.03.2024 passed in I.A. No. 2300 of 2023 filed by the Respondent No.1 and 2 herein seeking direction for payment of amount earned as profit by the Corporate Debtor. In the said application only Resolution Professionals was impleaded as one of the party. The Adjudicating Authority heard the application and by the impugned order dated 11.03.2024 has allowed the application and issued direction in Para 14 to the following effect: "14. Therefore, in our considered view, under ....

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....he RFRP with respect to payment of any profit earned during running of the Corporate Debtor but when the Appellant has taken the Corporate Debtor as going concern, the Appellant was entitled to all profit earned by the Corporate Debtor for which there is no specific provision. 3. Learned counsel for the Financial Creditor refuting the submission of learned counsel for the Appellant submits that the Appellant as per the various clauses of the Resolution Plan the Appellant was entitled for receivables only from the effective date and any amount which was earned as profit by the Corporate Debtor was required to be distributed amongst the Financial Creditors and the Adjudicating Authority has rightly passed the order passing said amount to t....

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....3 was heard subsequently on 31.10.2023 and 10.11.2023. A copy of the application has brought on the record as Annexure A-16. In the application dated 22.04.2023 Resolution Professional alone was impleaded, where following prayers has been made: "a. This Hon'ble Tribunal be pleased to direct the Respondent, Resolution Professional to forthwith withdraw letter dated 01.02.2023; b. This Hon'ble Tribunal be pleased to direct the Respondent to give account of the profits earned during the CIRP Period minus the Costs; c. This Hon'ble Tribunal be pleased to direct the Respondent to deposit the profits accrued during CIRP Period with the Applicants and other Financial Creditors, at the time of closing of the Resolution Pr....