TaxTMI 
TaxTMI 
2026 (6) TMI 1062
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.... at hand, as it engages consideration in the instant company appeal, is filing of an IA being IA(IBC) No. 500 of 2024 on 17.02.2024 that was preferred by the Appellant by invoking the provisions contained under Section 60 (5)(c) of I & B Code, 2016. 2. In the application thus preferred, the Appellant had modulated certain reliefs, seeking a direction to the Respondent therein, i.e., the Liquidator, (a) to transfer or release a sum of Rs. 5,21,000/- to the Applicant forthwith, i.e., the State Bank of India, (b) not to claim or raise a bill towards the remuneration with effect from 01.12.2023 and (c) to refund a sum of Rs. 4,72,000/- being claimed towards remuneration for the period from August 2023 to November 2....
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....ed, and the Corporate Debtor was directed to be admitted to the CIRP by an order passed of 15.12.2021, and Mr. T. Sivagurunathan was appointed as IRP to conduct the CIRP proceedings. 5. He has further submitted that the Respondent herein was appointed as RP on 08.03.2022 and Form G inviting of Expression of Interest was issued on 04.05.2022 calling for submission of the Resolution Plan by 09.06.2022. In the 4th CoC meeting on 14.06.2022, the Respondent informed CoC that only one Prospective Resolution Applicant (PRA) had submitted their Resolution Plan, and that it was found to be ineligible as the net worth criteria as mandated by the CoC was not complied with by the PRA. In the same meeting, CoC by 100% voting in favour, resolved to li....
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....30.11.2022 and 03.01.2023 and failed to distribute the same to stakeholders within 90 days, that he distributed only Rs. 19,58,457/- on 25.10.2023 only after repeated requests, that he did not conduct investigations into financial affairs of the CD despite prima facie evidence to show that the huge gap in the value receivables and sundry debtors, indicating the non-availability of stock/raw materials and did not take steps to file application under Section 66 of IBC despite a request from the SCC on 14.02.2023 and that the Liquidator did not convene the SCC to discuss on the suspension of the Liquidator by IBBI. 8. He had further submitted before the Ld. NCLT that owing to the fact that the time period for completing liquidation process ....
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....o reliefs sought for. Instead, it directed SCC to pay the liquidation expenses. 11. Under the aforesaid backdrop, Ld. Counsel for Appellant has argued that in a judicial proceedings where the issue involves determination and distribution of the financial assets and liabilities adjudication of the same can only be done when the Ld. Tribunal considers the grounds taken by the Appellant in the application, and applies its judicious mind to either to accept or not to accept the grounds raised by the Appellant, in the application for the grant of relief as it was prayed in IA(IBC) No. 500 of 2024. However, in the instant case, the impugned order doesn't reveal as to whether the Ld. Tribunal have at all assigned any reasons while rejecting....