{"id":232323,"date":"2020-07-16T14:10:20","date_gmt":"2020-07-16T08:40:20","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=232323"},"modified":"2020-07-16T14:18:24","modified_gmt":"2020-07-16T08:48:24","slug":"nclat-tribunal-rejects-sbis-appeal-regarding-its-appointment-of-an-ex-employee-as-interim-resolution-professional-cites-conflict-of-interest","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/16\/nclat-tribunal-rejects-sbis-appeal-regarding-its-appointment-of-an-ex-employee-as-interim-resolution-professional-cites-conflict-of-interest\/","title":{"rendered":"NCLAT | Tribunal rejects SBI\u2019s appeal regarding its appointment of an ex-employee as \u2018Interim Resolution Professional,\u2019 cites conflict of interest"},"content":{"rendered":"<p class=\"p5\" style=\"text-align: justify;\"><span class=\"s1\"><b>National Company Appellate Tribunal (NCLAT): <\/b>Justice Bansi Lal Bhat (Judicial), V.P. Singh (Technical) and Shreesha Merla<span class=\"Apple-converted-space\">\u00a0 <\/span>(Technical) held that an ex-employee of the \u2018Financial Creditor\u2019 having rendered services in the past, should not be permitted to act as \u2018Interim Resolution Professional\u2019 at the instance of such \u2018Financial Creditor\u2019, regard being had to the nature of duties to be performed by the \u2018Interim Resolution Professional\u2019 and the \u2018Resolution Professional\u2019.<\/span><\/p>\n<p class=\"p5\" style=\"text-align: justify;\"><span class=\"s1\"><b>Background of the case:<\/b> <\/span><\/p>\n<p class=\"p5\" style=\"text-align: justify;\"><span class=\"s1\">The appellant- \u2018State Bank of India\u2019- is the \u2018Financial Creditor\u2019 has filed an appeal against the NCLT\u2019s cognizance of the objection raised by the \u2018Corporate Debtor\u2019- \u2018Metenere Limited\u2019- regarding the proposed \u2018Interim Resolution Professional\u2019- Mr. Shailesh Verma whose employment under SBI for 39 years created an apprehension of bias, since Mr. Shailesh Verma was unlikely to act fairly and could not be expected to act as an Independent Umpire. The question that arose before the court was whether an ex-employee of one of the parties is qualified to act in the position of \u2018Interim Resolution Professional\u2019.<\/span><\/p>\n<p class=\"p5\" style=\"text-align: justify;\"><span class=\"s1\"><b>Decision<\/b><\/span><\/p>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li5\"><span class=\"s1\">In the current appeal, the tribunal has laid emphasis on the current relationship between IRP and the Financial Creditor, where the former derives a pension from the latter. The Tribunal finds the IRP qualified to be an \u2018Interim Resolution Professional\u2019 in his personal capacity but the fact that the Appellant restricted its choice to propose him as IRP shows regard to past loyalty and the long services rendered by him. Further, the filing of instant appeal by \u2018Financial Creditor\u2019 shows their dismay at the IRP being asked to be substituted by the impugned order. <\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">The relevant statutory provision<b> <\/b>which the bench looked into for qualification of the IRP is<b> Regulation 3 (1) of the Insolvency and Bankruptcy Board of India,<span class=\"Apple-converted-space\">\u00a0 <\/span><\/b>Company Appeal (AT) (Insolvency) No. 76 of 2020 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which reads as under: \u201c(1) An insolvency professional shall be eligible to be appointed as a resolution professional for a corporate insolvency resolution process of a corporate debtor if he, and all partners and directors of the insolvency professional entity of which he is a partner or director, are independent of the corporate debtor.\u201d <\/span><\/li>\n<\/ul>\n<ul class=\"ul1\" style=\"text-align: justify;\">\n<li class=\"li5\"><span class=\"s1\">The likelihood of bias has been measured via the case of <i>Ranjit Thakur v. Union of India,<\/i>\u00a0<a href=\"http:\/\/www.scconline.com\/DocumentLink\/dwaSbfX3\">(1987) 4 SCC 611<\/a>, in which the Supreme court said: \u201cAs to the tests of the likelihood of bias what is relevant is <b>the reasonableness of the apprehension in that regard in the mind of the party<\/b>. The proper approach for the judge is not to look at his own mind and ask himself, however, honestly, \u201cAm I Biased?\u201d; but to look at the mind of the party before him\u201d. The committee finally upholds the impugned order, by saying the Appellant- \u2018Financial Creditor\u2019 should not have been aggrieved of the impugned order as the same did not cause any prejudice to it.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">[SBI v. Metenere Ltd., Company Appeal (AT) (Insolvency) No. 76 of 2020, decided on 22-05-2020]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Appellate Tribunal (NCLAT): Justice Bansi Lal Bhat (Judicial), V.P. Singh (Technical) and Shreesha Merla\u00a0 (Technical) held that an ex-employee of <\/p>\n","protected":false},"author":67011,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[42555,25934,34025,10971],"class_list":["post-232323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-ex-employee","tag-financial-creditor","tag-resolution-professional","tag-sbi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLAT | Tribunal rejects SBI\u2019s appeal regarding its appointment of an ex-employee as \u2018Interim Resolution Professional,\u2019 cites conflict of interest | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/16\/nclat-tribunal-rejects-sbis-appeal-regarding-its-appointment-of-an-ex-employee-as-interim-resolution-professional-cites-conflict-of-interest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | Tribunal rejects SBI\u2019s appeal regarding its appointment of an ex-employee as \u2018Interim Resolution Professional,\u2019 cites conflict of interest\" \/>\n<meta property=\"og:description\" content=\"National Company Appellate Tribunal (NCLAT): Justice Bansi Lal Bhat (Judicial), V.P. 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an ex-employee of a financial creditor is eligible to be appointed as Resolution Professional? Read what SC says","author":"Bhumika Indulia","date":"October 14, 2020","format":false,"excerpt":"Supreme Court: The 3-Judge Bench of Arun Mishra, B.R. Gavai and Krishna Murari, JJ., set aside the NCLAT\u2019s Order with regard to the appointment of Resolution Professional. Question for Consideration Whether an ex-employee of the \u2018Financial Creditor\u2019 having rendered services in the past, should not be permitted to act as\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":237401,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/13\/nclats-decoder-on-appointment-of-a-person-as-resolution-professional-will-an-ex-employee-of-financial-creditor-be-eligible-for-appointment-read-on\/","url_meta":{"origin":232323,"position":1},"title":"[SC ALERT] NCLAT&#8217;s decoder on appointment of a person as Resolution Professional: Will an ex-employee of Financial Creditor be eligible for appointment? Read on","author":"Bhumika Indulia","date":"October 13, 2020","format":false,"excerpt":"SUPREME COURT ALERT This NCLAT Order has been set aside by the Supreme Court, the detailed report of which can be found at the end of this piece. National Company Law Appellate Tribunal (NCLAT):\u00a0The Coram of Justice Bansi Lal Bhat (Judicial Member), V.P. Singh and Shreesha Merla, Technical Members, addressed\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":220892,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/16\/nclat-resolution-professional-has-no-jurisdiction-to-determine-the-claim-filed-by-financial-creditor-he-can-only-collate-the-claim\/","url_meta":{"origin":232323,"position":2},"title":"NCLAT | Resolution Professional has no jurisdiction to &#8220;determine&#8221; the claim filed by Financial Creditor, he can only &#8220;collate&#8221; the claim","author":"Bhumika Indulia","date":"October 16, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) dismissed an appeal filed by the Resolution Professional of PRC International Hotels (P) Ltd. against the decision of the National Company Law Tribunal, Chennai whereby it had accepted\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226105,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/24\/nclat-notice-issued-to-financial-creditor-for-failing-to-reach-settlement-despite-accepting-settlement-amount-filing-of-s-7-ibc-application-with-malicious-intent-to-be-considered\/","url_meta":{"origin":232323,"position":3},"title":"NCLAT | Notice issued to Financial Creditor for failing to reach settlement despite accepting settlement amount; filing of S. 7 IBC application with malicious intent to be considered","author":"Bhumika Indulia","date":"February 24, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Coram comprising of Justice S.J. Mukhopadhaya, Chairperson and Alok Srivastava, Member (Technical), while deciding an appeal filed against Bank of India, stated that, \u201cBank of India once accepted amount is expected to reach a settlement, failing which the question, whether application under Section\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":224212,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/14\/nclat-dissenting-financial-creditor-cannot-be-allowed-to-scramble-cirp-process-only-the-collective-decision-of-committee-of-creditors-is-enforceable-by-law\/","url_meta":{"origin":232323,"position":4},"title":"NCLAT |\u00a0Dissenting financial creditor cannot be allowed to scramble CIRP process; only the collective decision of Committee of Creditors is enforceable by law","author":"Bhumika Indulia","date":"January 14, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A.I.S. Cheema, J. while deciding the present Company Appeal held that the dissenting Financial Creditor in COC cannot be allowed to scuttle CIRP process otherwise the provision permitting COC to take decisions with regard to subjects stated in Section 28(1) by given majority of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":297888,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/28\/operational-creditor-cannot-claim-payment-equal-to-financial-creditor-in-insolvency-proceeding-under-ibc-nclat\/","url_meta":{"origin":232323,"position":5},"title":"Operational Creditor cannot claim payment equal to Financial Creditor in Insolvency proceeding under IBC: NCLAT","author":"Ritu","date":"July 28, 2023","format":false,"excerpt":"The principle of equality is applicable only in same class of creditors, i.e., secured or unsecured, financial or operational.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/232323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=232323"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/232323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=232323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=232323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=232323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}