# In the matter of Eagle Corporation Pvt. Ltd. CP(IB) 44 of 2018

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04088. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eagle-corporation-pvt-ltd-cpib-44-of-2018-d6a9734c

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The erstwhile Interim Resolution Professional (IRP) stated that an amount of Rs. 21.00 lacs was directed to be paid as an undisputed amount, and it was paid by the Committee of Creditors (CoC). The issue in the application is limited to the amount approved by the CoC but not being paid by the present Resolution Professional (RP) because the CoC had not approved/ratified it.

## Facts

VE Commercial Vehicles Ltd filed an application against Eagle Corporation Pvt Ltd. The erstwhile IRP stated that Rs. 21.00 lacs was directed to be paid as an undisputed amount, and it was paid by the CoC. The current RP has not paid the amount, stating that the CoC had not approved/ratified it. A complaint has been filed before the IBBI. The issue is limited to the amount approved by CoC, but not being paid by the present RP on the ground that the CoC had not approved/ratified it. The relevance of the facts is that there is a dispute between the RP and the CoC regarding the payment of an amount, and a complaint has been filed before the IBBI.

## Issues and analysis

### Issue 1: Whether the amount approved by the Committee of Creditors (CoC) but not paid by the Resolution …

**Ratio:** The Resolution Professional is responsible for managing the Corporate Debtor's operations

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**Reasoning:** The court did not make a decision on the payment issue but instead directed the IBBI to

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**Interpretation:** The interpretation of the IBC and related regulations regarding the powers and

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**Application:** The ratio and reasoning are applied to the specific facts by referring the

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## Parties

- **Judges:** Dr.Deepti…; KAUSHALENDRA…
- **Appellants:** VE Commercial…
- **Respondents:** Eagle Corporation…

## Timeline

- **2021-09-27 — Order Da…**: An order was issued directing the payment of…
- **2022-02-17 — Order Del…**: The present order was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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