Liquidator must comply with Tribunal's directives; failure to do so constitutes misconduct.

ORDER

Per: Prabhat Kumar, Member (Technical)

1. The present Application IA-3084/2023 is filed on 18.07.2023 by the Applicant under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 ("Code") seeking following reliefs:

a) That this Hon'ble Tribunal be pleased to allow this Application;

b) That this Hon'ble Tribunal be pleased to direct that Mr. Jitender Kumar Jain i.e. the Liquidator has caused breach/contempt of the order dated 12th April, 2023 and direct appropriate contempt action against the Liquidator;

c) That this Hon'ble Tribunal be pleased to adjudicate and declare that Mr. Jitender Kumar Jain i.e. the Liquidator of the Corporate Debtor has made various false declarations under the relevant IBBI Circulars dealing with disclosures to be made by the liquidator of the Corporate Debtor;

d) That this Hon'ble Tribunal be pleased to adjudicate and declare that there exist an ex-facie evident collusion between Mr. Jitender Kumar Jain i.e. the Liquidator of the Corporate Debtor and the Financial Creditors;

e) That this Hon'ble Tribunal be pleased to direct appropriate action against the Liquidator i.e. Mr. Jitender Kumar Jain including removal of the liquidator i.e. Mr. Jitender Kumar Jain, on grounds of there existing admitted misconduct on behalf of the liquidator in performing the duties cast upon him under the IBC;

f) That this Hon'ble Tribunal be pleased to pass appropriate directions and orders against Mr. Jitender Kumar Jain i.e. the Liquidator, inasmuch as i.e. Mr. Jitender Kumar Jain has failed and/or neglected to comply with the order dated 12th April, 2023 passed by this Hon'ble Tribunal in I.A. No. 654 of 2023;

g) That this Hon'ble Tribunal be pleased to pass appropriate orders and direction against Mr. Jitender Kumar Jain i.e. the Liquidator in respect of the admitted malafide conduct of the liquidator in performing his duties as a liquidator of the Corporate Debtor with ulterior motives, unethical gains and ill- intention;

h) That this Hon'ble Tribunal be pleased to pass appropriate orders and directions confirming the failure on part of Mr. Jitender Kumar Jain i.e. the Liquidator in terms of concealing and/or not disclosing material facts/information and also violating the code of conduct by not maintaining complete independence in his professional relationships;

i) That this Hon'ble Tribunal be pleased to pass appropriate order and directions against Mr. Jitender Kumar Jain i.e. the Liquidator for deliberately causing fraud and manipulation of the CIRP records as well as Liquidation records.

j) That this Hon'ble Tribunal be pleased to direct the Liquidator to adhere to and comply of the orders passed by the Tribunal including order dated 12th April, 2023;

k) That this Hon'ble Tribunal be pleased to direct Disclosure of the Asset Memorandum filed with the Adjudicating Authority;

l) That this Hon'ble Tribunal be pleased to direct Disclosure of the Valuation Reports pursuant to the Valuation conducted by the Resolution Professional/Liquidator;

m) That this Hon'ble Tribunal be pleased to direct the Respondent No.4 in the present Application to set up a high level committee for a detailed inquiry into the functioning of the Respondent No.1 i.e. Mr. Jitender Kumar Jain in respect of the unethical and corrupt practices adopted by him;

n) Pending the hearing and final disposal of this Interim Application, the Hon'ble Tribunal be pleased to restrain the Liquidator to conduct itself in an unethical and unprofessional manner and in complete contravention to duties casted upon the Liquidator under the Insolvency and Bankruptcy Code, 2016 and Rules framed thereunder;

o) Pending the hearing and final disposal of this Interim Application, this Hon'ble Tribunal be pleased to stay the effect, implementation and exec