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2019 (1) TMI 1251 - AT - Insolvency and BankruptcyInitiation of ‘Corporate Insolvency Resolution Process’ - Scheme of Arrangement for Amalgamation sanctioned - proceeding relating to insolvency resolution process was initiated fraudulently in collusion or with malicious intent - Held that:- ‘Dome-Bell Electronics India Pvt. Ltd.’ Pledged 44,38,400 equity shares in ‘Videocon D2H Limited’ and also executed a corporate guarantee by way of further security. He has referred to order dated 27th July, 2017 passed by the National Company Law Tribunal, Mumbai, sanctioning the Scheme of Arrangement for Amalgamation of ‘Videocon D2H Ltd.’ into and with ‘Dish TV India Ltd.’ Due to defaults in repayment of the debentures, the debenture trustee sent a demand notice to ‘Hindustan Oil Ventures Limited’ on 20th December, 2017. All those facts were brought on record but the Appellant has failed to suggest that an application under Section 7 was filed by ‘Invex Private Limited’ fraudulently or with malicious intent, for the purpose of rejecting the application or for imposing penalty under Section 65 of the ‘I&B Code’. Thus in absence of any merit, no relief can be granted. The appeal is dismissed.
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