O R D E R

(Hybrid Mode)

The case is fixed for pronouncement of order. The order is pronounced in the open court, vide separate sheet.

O R D E R

(Per: Bench)

1. This application has been filed by Rajendra Sanghi, Liquidator of M/s. Nagaur Water Supply Company Private Limited under Section 60(5) read with 17(1)(a) and (b) and 68 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 seeking following reliefs:-

a) Allow the present Application;

b) Declare that the suspended management has violated provisions of section 17(1)(b) of the Insolvency and Bankruptcy Code, 2016 and consequently be pleased to declare that Form No. INC- 22 filed with the Respondent No. 3 i.e., Registrar of Companies is null and void and thereby set aside and quash the same;

c) Pass appropriate orders punishing respondent no. 1 and 2 as per the penal provisions of the Insolvency and Bankruptcy Code, 2016 including section 68 of the Insolvency and Bankruptcy Code, 2016;

d) Such other and further relief(s) as may deem fit in the interest of justice.

2. The Applicant has placed the facts through the I.A. and documents in the following manner: -

2.1. It is stated that CP (IB) No. 5 of 2018 was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Phoenix ARC Pvt. Ltd. (Trustee of Phoenix Trust FY 14-9) against Nagaur Water Supply Company Pvt. Ltd. The said Company Petition was dismissed by this Adjudicating Authority vide order dated 27.05.2020, against which an appeal was preferred before the Hon’ble NCLAT, New Delhi.

2.2. It is stated that the Hon’ble NCLAT, New Delhi, vide order dated 01.04.2021 passed in Company Appeal (AT) (Ins.) No. 690 of 2020, was pleased to set aside the said order and directed this Adjudicating Authority to admit the Application and issue further directions and orders as required under the provisions of the Code, in case the parties failed to settle the matter. A copy of the order dated 01.04.2021 passed by the Hon’ble NCLAT, New Delhi, is annexed and marked as Annexure-A.

2.3. It is stated that, on the basis of the order dated 01.04.2021 passed by the Hon’ble NCLAT, New Delhi, the matter was remanded back to this Adjudicating Authority. Thereafter, this Adjudicating Authority, vide order dated 17.08.2021 passed in CP(IB) No. 5 of 2018, was pleased to admit the Corporate Debtor into Corporate Insolvency Resolution Process (―CIRP‖). A copy of the CIRP admission order dated 17.08.2021 passed by this Adjudicating Authority is annexed and marked as Annexure-B.

2.4. It is stated that, in compliance with Sections 13, 15 and other relevant provisions of the Code read with Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, a public announcement dated 25.08.2021 was published in the Economic Times (English) and Divya Bhaskar (Gujarati), Ahmedabad editions, and a public announcement dated 26.08.2021 was published in The Times of India (English), Jaipur edition, regarding the initiation of the CIRP against the Corporate Debtor and thereby inviting claims from the creditors of the Corporate Debtor Company. A copy of the public announcements dated 25.08.2021 and 26.08.2021 inviting claims from the creditors of the Corporate Debtor is annexed and marked as Annexure-C.

2.5. It is stated that, as per Section 17(1)(a) and (b) of the Code, the management of the affairs of the Corporate Debtor shall vest in the Interim Resolution Professional, and the powers of the Board of Directors or the partners of the Corporate Debtor, as the case may be, shall stand suspended and be exercised by the Interim Resolution Professional from the date of his appointment. Section 17(1)(a) and (b) is reproduced herein below for ready reference:

"17. Management of affairs of corporate debtor by interim resolution professional. – (1) From the date of appointment of the interim resolution professional, -

(a) the management of the affairs of the corporate debtor shal