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2019 (11) TMI 1706 - AT - Insolvency and BankruptcyWithdrawal of CIRP application filed under section 7, 9 and 10 of IBC - liquidation order sought to be quashed - HELD THAT:- The ‘Promoters’ and or ‘Shareholders’ and or ‘Directors’ have been allowed to pay the dues in their individual capacity from their respective account which should not be ‘proceeds of crime’. We direct them to disclose source of the funds to ‘Enforcement Directorate’ and ‘Resolution Professional’ before such payment - For the purpose of finding out whether the amount paid to the ‘Andhra Bank’ is ‘proceeds of crime’ or not, we allow the ‘Enforcement Directorate’ to find out whether the said amount is being paid in the individual capacity of the ‘Promoters’ or ‘Shareholders’ or ‘Directors’ and not from the ‘proceeds of crime’. It is further clarified that if the order of this Appellate Tribunal dated 28th August, 2019 passed in terms of Section 12A is not given effect within a period of 30 days from the date of this order, in such case the order of this Appellate Tribunal dated 28th August, 2019 shall stand recalled and the order of liquidation dated 8th May, 2019 passed by the Adjudicating Authority shall stand restored - ‘Resolution Professional’ are allowed to continue till the process is completed under Section 12A for a period of another 30 days. Application allowed.
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