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

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04090. 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-04090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eagle-corporation-pvt-ltd-cpib-44-of-2018-e18872b4

## 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, as directed in an order dated September 27, 2021, was paid by the Committee of Creditors (CoC). The issue in the application is limited to an amount approved by the CoC but not 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 under Section 9 of the IBC. The erstwhile IRP stated that Rs. 21.00 lacs was paid by the CoC as per the order dated September 27, 2021. The current RP has not paid the amount, claiming the CoC did not approve/ratify it. A complaint is already filed before IBBI pending consideration. The issue is whether the RP is justified in withholding the payment approved by the CoC. The relevance of the facts lies in determining whether the RP's actions are in compliance with the IBC and whether the IBBI's intervention is necessary to resolve the dispute.

## Issues and analysis

### Issue 1: Whether the Resolution Professional is justified in withholding payment of an amount approved by …

**Ratio:** The Resolution Professional has a duty to act in accordance with the decisions of the

…

**Reasoning:** The court acknowledges the RP's concern regarding the CoC's approval/ratification.

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**Interpretation:** This issue involves interpreting the powers and responsibilities of the

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**Application:** The court applies this principle to the specific facts by directing the IBBI to

…

## Parties

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

## Timeline

- **2021-09-27 — Order Da…**: An order was issued directing…
- **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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