Role of a Resolution Professional, much less of the Erstwhile Resolution Professional is that he cannot proceed any further, after the Resolution Plan is approved by the Adjudicating Authority – M/s. Regen Powertech Pvt. Ltd. Rep. by Erstwhile RP Vs. M/s. Veeral Controls Pvt. Ltd. & 3 oths. – NCLAT Chennai
Adjudicating Authority held that it must be borne in mind that CIRP in the instant case had attained finality and that the Resolution Professional became functus officio and he cannot file / prefer / pursue any Application on behalf of the Company. It is only be to the new Management of the Corporate Debtor, which is responsible to file such an application. It cannot be brushed aside that Section 23 of the IBC clearly envisages the Role of a ‘Resolution Professional in managing the affairs of the Corporate Debtor, during the Resolution Process and not, thereafter. In terms of the Resolution Plan furnished from the Approval Date, the CoC/ Financial Creditors to take the application to its logical conclusion and viewed in that perspective, the Applicant / Resolution Professional has no Locus standi in the subject matter, in issue.
It is an established fact that the IRP /Resolution Professionals are required to play their part, as per the ingredients of the IBC. They are to provide for a mechanism in aid to benefit of the Corporate Debtor not only during the interregnum period of Insolvency but also till the Resolution Process is completed. Suffice it for this Tribunal to make a pertinent mention that the Role of a Resolution Professional, much less of the Erstwhile Resolution Professional is that he cannot proceed any further, after the Resolution Plan is approved by the Adjudicating Authority.
