SARISH MITTAL Vs. NATIONAL COMPANY LAW TRIBUNAL

JUDGEMENT

(1.) CWP Nos. 19562 of 2022 and 8750 of 2023 filed by the same petitioners were taken up together for hearing and adjudication at request and with consent of learned counsel for parties.

(2.) Prayer in CWP-19562 of 2022 reads as under:-

(3.) Both writ petitions have been filed by the suspended Director of M/s. KSM Yarns Limited, a Company which was admittedly in the midst of Corporate Insolvency Resolution Process (for short - 'CIRP') under provisions of the Insolvency and Bankruptcy Code, 2016 (for short - 'IBC'). It is pleaded that abovesaid Company which was under financial distress was admitted to CIRP in terms of order dtd. 17/12/2019 passed by learned National Company Law Tribunal, Chandigarh (for short - 'NCLT'). Respondent No. 2 namely Nipan Bansal took over as Interim Resolution Professional/Resolution Professional (for short - 'IRP/RP') on 20/12/2019. Various averments/allegations of malafides, misrepresentations and fraud are raised in the writ petition in respect to conduct of RP. It is stated that respondent No. 2 was never validly appointed as RP because he could not secure the requisite 66% votes. Various applications, as are detailed in the foregoing paras, were filed by petitioners which were initially disposed of by learned NCLT on 27/7/2021 while observing that Resolution Plan stood approved by the Committee of Creditors (for short - 'CoC') and application under Sec. 30(6) read with Sec. 31 of IBC, 2016 which stood filed was pending before the adjudicating authority, therefore, role of RP had almost come to an end with no further action required to be taken by him except in the event of rejection of Resolution Plan by the adjudicating authority. It is further observed that allegations of malafide etc. were yet to be adjudicated by IBBI and as the matter was still pending before IBBI, it was not inclined to adjudicate or render any findings on the applications. Applications were, accordingly, disposed of with liberty to present petitioners to take appropriate steps once IBBI decided the complaint filed by suspended Director against the RP.