Sanjay Chandrakant Jagtap vs Ishwar Punjabi

IN THE MATTER OF: Sanjay Chandrakant Jagtap ...Appellants Versus lshwar Punjabi & Anr. ...Respondents

Present: For Appellant : Mr. Sumit Shukla and Mr. Sanjeev Panda, Advocates. For Respondents : Mr. Abhijeet Sinha Sr. Advocate with PCA Udayraj Patwardhan, Advocates for R1. Mr. Gautam Singh and Mr. Naman Chawla, Advocates for IRP a/w Mr. Rattan Chaudhary, IRP.

ORDER

(Hybrid Mode)

23.12.2024: Heard counsel for the appellant and respondent.

IA No. 8910 of 2024; this is an application filed by the appellant praying

for following reliefs:

"Reliefs Sought:

In view of the above, the Applicant humbly prays for the following additional reliefs:

a. To consider the exception circumstances and pass orders authorising Mr Sachin Kunjir to manage the business and banking operations of the Corporate Debtor.

b. To consider an order for the immediate removal of Mr. Rattan Chaudhry from the position of IRP for the Corporate Debtor.

c. To direct the current IRP to provide a detailed explanation for not disclosing the IBBI's order during the proceedings with the Appellant.

d. Any other order or direction that this Hon'ble Tribunal may deem fit and proper in the interest of justice and equity."

2. Ld. Counsel for the appellant submits that the business of the corporate

debtor is drying up and the appellant has also obtained OTS letter from the

State Bank of India dated 30.09.2024 which need to be complied by pulling all

resources.

3. He submits that he has already informed the Investor to comply the OTS.

It is further submitted that the IRP has been suspended on 22.10.2024 and he

cannot thereafter carry on any activity in the CIRP. Pleadings are complete, we

have already fixed 21.01.2025 for hearing of the appeal.

4. In so far as permitting the employee of ex-management to operate the

bank operations, we are of the view that CIRP having been commenced and IRP

has been appointed no permission can be granted to the ex-employee/ key

managerial person to operate the bank accounts. As far as OTS is concerned it

is open for the appellant to whom the OTS letter is address to take the steps for

compliance of the OTS. With regard to IRP it is always open for the appellant to

make appropriate application before the Adjudicating Authority for replacement

or passing any further orders which may require.

Application is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) harleen/NN

I.A. No. 8910 of 2024 in Comp. App. (AT) (Ins) No. 1305 of 2024 2 of 2