Back
2023 Supreme(Online)(NCLT) 590
THE NATIONAL COMPANY LAW TRIBUNAL “CHANDIGARH BENCH, CHANDIGARH”
(Exercising powers of Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016)
IA No. 29/2020, 65/2020, 775/2020 & 191/2021 In CP (IB) No. 278/Chd/Hry/2018 (Admitted Matter)
Under Sections 33 R/w R31 & 34, 19(2), & 60(5), of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016 In the matter of:-
M/s Weizman Forex Ltd. (Now Weizmann Ltd.)
….Operational Creditor Vs.
M/s Techcon Labs Private Limited …Corporate Debtor And in the matter of IA No. 775/2020:-
Interim Resolution Professional (IRP), for M/s Techcon Labs Private Limited Correspondence Address: 904, GF, Sector 7-C, Faridabad-121006 ….Application/IRP Vs.
M/s Weizman Forex Ltd. (Now Weizmann Ltd.)
Empire House, 214, Dr. DN Road, Fort, Mumbai-400001 Syndicate Bank (Financial Creditor)
Branch at DLF-IV, Super Mart-1, Gurgaon-122001 IA No. 29/2020, 65/2020, ….Respondent And in the matter of IA No. 29/2020:-
Sunil Kumar Agrawal I nterim Resolution Professional (IRP), M/s Techcon Labs Private Limited Correspondence Address: 904, GF, Sector 7-C, Faridabad-121006 ….Application/IRP Vs.
Canara Bank (Sole Financial Creditor)
(Formerly known as Syndicate Bank)
A-209, Supermart-I, DLF-IV, Gurgaon-122009 ….Respondent And in the matter of IA No. 191/2021:-
Sunil Kumar Agrawal Interim Resolution Professional (IRP), for M/s Techcon Labs Private Limited
904, GF, Sector 7-C, Faridabad-121006 ….Applicant/IRP Vs.
1. Syndicate Bank ( Financial Creditor)
A-209, Supermart-I, DLF-IV, Gurgaon-122009
2. M/s Weizmann Forex Ltd.
(ow M/s Weizmann Ltd. )
Empire House 214, Dr. DN Road, Fort, Mumbai-400001
3. Mr. Puneet Yadav, (Suspended Director)
41/10, DLF City, Phase-1, Sikanderpur Ghosi (68), DLF QE, Farukkhn Agar, IA No. 29/2020, 65/2020, Gurgaon-122002
4. Mr. Sudeep Kumar Sharma (Suspended Director)
P-1/55, Ground Floor, Jacaranda Marg, DLF City Phase-2, Gurgaon-122002 ….Respondents And in the matter of IA No. 65/2020:- I nterim Resolution Professional (IRP), for M/s Techcon Labs Private Limited
904, GF, Sector 7-C, Faridabad-121006 ….Application/IRP Vs.
1. Mr. Sudeep Sharma (Suspended Director of the Board of Directors)
R/o P-1/55, Ground Floor, Jacaranda Marg, DLF City Phase-2, Gurgaon-122002
2. Mr. Puneet Yadav, (Suspended Director of the Board of Directors)
R/o 41/10, DLF City, Phase-1, Sikanderpur Ghosi (68), DLF QE, Farukkhn Agar, Gurgaon-122002 ….Respondents Order delivered on: 17.04.2023 Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)
HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL)
Present:-
For the Applicant/IRP in IA Nos.29/2020, 65/2020
775/2020 & 191/2021 : Mr. Mast Ram Chechi, PCS IA No. 29/2020, 65/2020, For the Canara Bank in IA No.29/2020, IA No.65/2020, 775/2020 & 191/2021 : Mr. Rakesh Gupta, Advocate For Practising Company Secretary In IA No. 29/2020, IA Nos. 65/2020, 775/2020 & 191/2021 : Mr. Subhash Saini, Advocate Per: Subrata Kumar Dash, Member (Technical)
For the Petitioner:SUBHASH SAINI
ORDER
IA No. 775/2020 & IA No. 191/2021
Both these applications, i.e. IA No. 775/2020 and IA No.191/2021 are taken up together for discussion being interrelated and interconnected.
1. The present application is being filed by Interim Resolution Professional (IRP) (herein referred to as Interim Resolution Professional) against M/s Weizmann Forex Limited (herein referred to as Operational Creditor) under Rule 33 read with Rule 31 & 34 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Section 60(5) & other applicable provisions of IBC,2016.
2. It is prayed by the applicant to direct Respondent No. 1 to pay Interim Resolution Professional CIRP cost amounting to Rs. 2,95,926/- for a period from 27.09.2019 to 26.10.2019 including IRP fees, and to direct respondent No. 2 to ratify the CIRP cost for a period from 27.09.2019 to 26.10.2019 including IRP fees. It is further prayed to issue directions to the Committee of Creditors to fix and pay the fees of IRP/RP as the CIRP cost.
3. The brief facts of the case, as stated in the application, are that The corporate insolvency resolution process was initiated by order dated 27.09.2019 and in compliance with the provisions of Section 13,15 and other applicable provisions of the code, the applicant has made a public announcement on 29.09.2019 in Financial Express (English) And Jansatta (Hindi) and the last date for the submission of the claims was fixed as 11.10.2019. The sole financial creditor submitted its claim on 11.10.2019 in the prescribed Form C. The committee of creditors was constituted on 19.10.2019 by the applicant, and the applicant conducted its first meeting on 24.10.2019. The minutes of the first meeting of the CoC are attached as Annexure A-4 of the application. In the first meeting of the CoC, the details of expenditures were submitted by the applicant for ratification, but no decision has been taken by CoC, and the same was deferred for want of internal approval. The proposal for the appointment of IRP to RP has also been discussed in the first meeting of the CoC, but the same has not been decided. It is further submitted by the applicant that till date, no CIRP cost has been provided by Respondent No. 2, and the applicant is managing the CIRP cost on its own. Respondent No. 1-Operational Creditor, has also not deposited any amount at the time of admission of the petition. Moreover, due to the non-ratification of CIRP cost by the CoC, the applicant is facing difficulty managing the Corporate Debtor.
4. Respondent No. 2 has filed a reply by diary No. 02206/2 dated 21.06.2022 stating that before the constitution of CoC, an email has been sent by the petitioner-operational Creditor to the applicant on 5th October 2019 in which it has been stated that they were withdrawing their petition/claim in terms of Section 12A read with Regulation 30A, (1)(a), (3) and (6) of IBC and the same has been attached as Annexure R-2/1 of the reply. It is averred that the applicant has failed to perform his duty in terms of Regulation 30A(1) of IBC. A plain reading of Regulation 30A(2) and (3) makes it clear that the operational creditor (M/s. Weizmann Forex Limited), having intimated their intention to withdraw the petition to the Interim Resolution Professional, the applicant was duty bound to move an application within 3 days, even if Form FA has not been furnished by the operational creditor. Any further action taken by IRP after the e-mail was without any authority, and the applicant cannot claim expenses for the same. The tentative costs assessed by the IRP as per his own communication dated 06.09.2019 was Rs. 3,20,442/- in which Rs. 2.30 lakhs were the fees which has not been assessed and approved by the CoC as it was not constituted on that date.
5. It is further submitted by respondent No. 2 that there was no Bank Account and no tangible asset of the corporate debtor. Hence, there is no possibility for any resolution in any manner, and the claim of respondent
