{"id":269879,"date":"2022-07-11T09:00:58","date_gmt":"2022-07-11T03:30:58","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269879"},"modified":"2022-07-11T07:06:10","modified_gmt":"2022-07-11T01:36:10","slug":"nclt-resolution-professional-submit-report-before-adjudicating-officer-order-insolvency-proceedings-company-corporate-law-legal-updates-research-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/11\/nclt-resolution-professional-submit-report-before-adjudicating-officer-order-insolvency-proceedings-company-corporate-law-legal-updates-research-news\/","title":{"rendered":"NCLT| Can Resolution Professional\u00a0submit report prior to Adjudicating Authority\u2019s direction?"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Tribunal, New Delhi:<\/strong> In a case where a Resolution Professional (RP) had submitted a report even prior to the order by the Adjudicating Authority that had appointed him, the bench of of H. V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member, has asked him to submit a fresh report.<\/p>\n<p style=\"text-align: justify;\">The petition was filed by Bank of Baroda for initiation of Insolvency Resolution Process under Section 95(1) of Insolvency and Bankruptcy Code, 2016. It was passed against Mr. Pawan V Kikavat, Personal Guarantor of Mahavir Roads and Infrastructure Pvt. Ltd.<\/p>\n<p style=\"text-align: justify;\">The counsel for the Bank of Baroda mentioned the demand notice dated 06-11-2020 invoking the Guarantee against the Personal Guarantor. He also gave proof of delivery of the demand notice. The deed of Guarantee dated 26-04-2012 executed by Bank of Baroda was also brought to the notice of the Bench. The petitioner also suggested the name of RP, Mr. Kairav Anil Trivedi, to conduct the Insolvency Resolution Process.<\/p>\n<p style=\"text-align: justify;\">The counsel for the Personal Guarantor opposed the maintainability of the Petition pointing out that the RP has already filed his report without there being any order passed by the Adjudicating Authority appointing him and directing him to do so.<\/p>\n<p style=\"text-align: justify;\">The issue was whether the report filed by RP without him receiving directions can be taken on record or a separate order should be filed by RP on the directions given.<\/p>\n<p style=\"text-align: justify;\">The Bench appointed Kairav Anil Trivedi to submit a fresh report after examining the petition within 10 days of the date of this order.<\/p>\n<hr \/>\n<p style=\"text-align: justify;\">[Bank of Baroda Limited v Pawan V Kikavat, 20 C.P. (IB)-140(MB)\/2022, decided on 29-06-2022]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Counsels:<\/strong><\/p>\n<p style=\"text-align: justify;\">For Petitioner: Kairav Trivedi, PCA<\/p>\n<p style=\"text-align: justify;\">For Personal Guarantor: Advocate Nausher Kohli<\/p>\n<hr \/>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal, New Delhi: In a case where a Resolution Professional (RP) had submitted a report even prior to the <\/p>\n","protected":false},"author":67011,"featured_media":268665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[33289,34595,31359,30361,22064,17021,12261,34025],"class_list":["post-269879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-adjudicating-authority","tag-company-law","tag-corporate-law","tag-ibc","tag-insolvency-and-bankruptcy-code","tag-insolvency-resolution-process","tag-resolution","tag-resolution-professional"],"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>NCLT| Can Resolution Professional\u00a0submit report prior to Adjudicating Authority\u2019s direction? 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The Committee under the Chairmanship of Dr. T.K. Viswanathan, former Law Secretary has submitted its report to the Finance Minister Shri Arun Jaitely. 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NCLAT discusses Ss. 95, 97, 99 IBC","author":"Bhumika Indulia","date":"January 7, 2022","format":false,"excerpt":"National Company Law Appellate Tribunal, New Delhi (NCLAT): Coram of Justice Ashok Bhushan (Chairperson) and Justice Jarat Kumar Jain, Judicial Member and Dr Alok Srivastava, Technical Member heard appeals filed against the decision passed by National Company Law Tribunal, Mumbai. 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Venkata Ramakrishna Badarinath, Judicial Member, and Veera Brahma Rao Arekapud, Technical Member held that a guarantor cannot enjoy the right of subrogation enunciated in the Contract Act, 1872, when the payment made by the guarantor regards the debt for which the\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":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283175,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/04\/adjudicating-authority-cannot-direct-resolution-professional-to-pay-lease-amount-during-cirp\/","url_meta":{"origin":269879,"position":3},"title":"National Company Law Appellate Tribunal | Adjudicating Authority cannot direct Resolution Professional to pay lease amount during CIRP","author":"Editor","date":"February 4, 2023","format":false,"excerpt":"National Company Law Appellate Tribunal held that Adjudicating Authority cannot direct Resolution Professional to pay lease amount under Section 14(1)(d) of Insolvency and Bankruptcy Code, 2016, during CIRP","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":174644,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/10\/appellant-investor-got-rights-file-appeal-insolvency-resolution-professional\/","url_meta":{"origin":269879,"position":4},"title":"Appellant Investor has got all the rights to file an appeal before &#8216;Insolvency Resolution Professional&#8217;","author":"Saba","date":"December 10, 2017","format":false,"excerpt":"National Company Law Appellate Tribunal, New Delhi: The present appeal was filed against the impugned order of the adjudicating authority (National Company Law Tribunal). The brief facts being that the adjudicating authority, by way of an impugned order, rejected the prayer on the grounds that it does not have any\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":280454,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/27\/nclat-no-liquidator-has-any-personal-rights-to-continue-in-liquidation-process-adjudicating-authority-can-order-for-replacement-of-liquidator\/","url_meta":{"origin":269879,"position":5},"title":"NCLAT | No Liquidator has any \u2018personal rights\u2019, to continue in Liquidation Process; Adjudicating Authority can order for replacement of Liquidator","author":"Editor","date":"December 27, 2022","format":false,"excerpt":"\u00a0 \u00a0 National Company Law Appellate Tribunal | The bench comprising of M. Venugopal, J. and Naresh Salecha* (Technical Member) held that the Adjudicating Authority which had the powers to appoint the Liquidator also have the power to remove the \u2018Liquidator for any fit, just, valid and proper reasons. \u201c\u2026no\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":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/269879","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=269879"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/269879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/268665"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=269879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=269879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=269879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}