The main legal point established in the judgment is that the appointment of Court Commissioners should not hinder the IRP/RP from managing the assets of the corporate debtor in accordance with the Insolvency and Bankruptcy Code, 2016.

JUDGMENT :

Vipin Sanghi, J.

C.M. No. 23979/2019

Exemption allowed, subject to all just exceptions.

W.P. (C) No. 5467/2019

1. Issue notice. Mr. Vijay Kumar, Advocate accepts notice for respondent no. 1, Mr. Anshul Sehgal, Advocate for respondent no. 2 and Ms. Hina Bhargava, Advocate for respondent no. 3.

2. The petitioner, who is the corporate debtor, has approached this Court though the Interim Resolution Professional/Resolution Professional (hereinafter referred to as "IRP/RP") appointed by National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 with the prayer to set aside the order dated 22.04.2019 passed by learned Debt Recovery Appellate Tribunal (DRAT) in Miscellaneous Appeal No. 548/2018, arising out of OA No. 569/2018. The petitioner/corporate debtor had been proceeded against by the respondent/Canara Bank before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks & Financial Institutions Act, 1993, by preferring the aforesaid OA No. 569/2018. Arising from those proceedings, the matter reached the DRAT. The DRAT vide its order dated 15.11.2018, appointed respondent nos. 2 & 3 as Joint Court Commissioners to inter-alia take over the assets of the petitioner, including the perishable assets, i.e. grains, as also its other assets. Soon thereafter, in proceedings before the NCLT, in relation to the petitioner company, the IRP/RP was appointed on 11.12.2018. With a view to fulfil its mandate in a time bound manner, as prescribed under the Insolvency and Bankruptcy Code, 2017, the IPR/RP approached the DRAT for taking over the godowns/properties of the Corporate Debtor, including its plant, machinery, mortgaged properties and stocks of grain etc. and prayed for an early hearing. Pertinently, the Canara Bank, which is the lender and the initiator of the Original Application, also consented to the said application being allowed. However, the DRAT did not consider the application for early hearing moved by the IRP/RP and the proceedings were adjourned. Consequently, the corporate debtor acting through the IRP/RP, preferred W.P. (C) No. 3619/2019 before this Court, which writ petition was disposed of by us vide order dated 01.04.2009 in the following terms:-

"Though notice could not issue in view of paucity of time, the respondents are represented. Mr. Vijay Kumar appears on behalf of respondent No. 1 and the receiver Shri Arjun Nihal Singh is also present.

Mr. Vijay Kumar submits that the respondent bank had given its no objection to the application moved by the Interim Resolution Professional who stands appointed as the Resolution Professional, take over the asset of the borrower company, including both movable and immovable in terms of the Insolvency and Bankruptcy Code 2016.

Learned counsel for the petitioner submits that the goods are of perishable nature i.e. grains etc. and their disposal at an early date is of utmost importance to salvage their value. He further submits that the Resolution Professional has to take steps within 180 days and out of that period of 120 days is over. He is not able to proceed in view of the appointment of the Receiver by the learned DRAT. The keys of the premises, which is lying sealed, have been delivered to respondent bank by the two receivers. The premises are being guarded by the guards deployed by consortium of banks led by Canara Bank. The petitioners application moved, as early as on 24.12.2018, for the purpose of de-sealing of the properties and delivery of the same to the Resolution Professional is still pending. The early hearing application moved by the Resolution Professional has also not been entertained.

In view of the aforesaid circumstances, we direct the learned DRAT to hear and dispose of the applications of the Resolution Professional within the next one week. In the interim, we permit the Resolution Professional to inspect the premises and the goods lying therein, and to make an inventory of the same. He is also permitted to inspect