IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO(S). 345/2020
KOTESWARA RAO KARUCHOLA & ANR. APPELLANT(S)
VERSUS
ASSET RECONSTRUCTION COMPANY (I) LIMITED (ARCIL) & ANR. RESPONDENT(S)
O R D E R
1. We are not inclined to interfere on the merits of the
case. However, certain actions have been proposed against the
Resolution Professional.
2. It is submitted that Committee of Creditors (CoC) has
been directed by the NCLAT, without giving any finding against
him, to bring the facts to the notice of the Insolvency and
Bankruptcy Board of India for appropriate orders.
3. Suffice it to observe that before CoC take any action,
let the CoC hear the point of view of the Resolution
Professional also. It is made clear that observation of NCLAT
against Resolution Professional is not to be treated as
mandatory. The CoC not to be influenced by any observations
made in the impugned order against him.
4. The appeal is, accordingly, disposed of.
1
5. Pending application(s), if any, shall stand disposed of.
...........................J. [ARUN MISHRA]
...........................J. [INDIRA BANERJEE]
NEW DELHI; JANUARY 24, 2020.
2
ITEM NO.28 COURT NO.3 SECTION XVII
S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS