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2015 (1) TMI 1350 - HC - Companies LawAppeal under Section 10-F of the Companies Act, 1956 - Held that:- Observer-cum-facilitator is entitled to ensure that the sale proceeds received from the sale of the Company assets are appropriated towards discharge of the genuine liability of the respondent No.1 Company. Since the Observer-cum-facilitator is a retired Hon'ble Judge of this Court, therefore, the said observation made by the Company Law Board cannot be doubted. In respect of the prayer for forensic audit, the Company Law Board has rejected the prayer noting that such a prayer does not arise at this stage, meaning thereby it is open to the appellants to file an appropriate repeat application in this regard at the appropriate stage. Since the appellant has the liberty to pray for the forensic audit at the appropriate stage, therefore, such a prayer can be made by the appellant again along with the prayer for forensic audit because the said prayer has not been examined by the Company Law Board and Company Law Board has observed that interim relief cannot be sought by the appellant in piecemeal. The issues which the appellant is raising before this Court are factual issues and the appeal does not involve any substantial question of law requiring consideration under Section 10-F of the Companies Act.
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