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2019 (10) TMI 964 - AT - Insolvency and BankruptcyAdmissibility of application - sole ground taken by the Appellant is that the Adjudicating Authority has passed the order without taking counter-statement of the Appellant - HELD THAT:- From the impugned order dated 30th April, 2019 we find that the ‘Corporate Debtor’ was noticed and heard and one Mr. Naveen Kumar Murthi and Mr. G.V. Mohan Kumar, Advocates appeared on behalf of the ‘Corporate Debtor’. The other ground taken by the Appellant is that the Adjudicating Authority has failed to consider that the ‘Corporate Debtor’ had made the payment. However, it is not disputed that there is a ‘part default’ which is much more than Rupees One Lakh ( i.e. ₹ 9.5 Crores) and the ‘Corporate Debtor’ has failed to pay - There are no reason to interfere with the impugned order. This apart the Appellant and the Directors and Officers had not handed over the assets and documents of the ‘Corporate Debtor’ to the ‘Resolution Professional’. It will be open to the ‘Resolution Professional’ to move appropriate application before the Adjudicating Authority including the application for initiation of action under Chapter VII of Part II of the ‘I&B Code’. The appeal is dismissed with aforesaid liberty to the ‘Resolution Professional’ with costs of Rupees One Lakh, which is to be paid by the Appellant to the ‘Corporate Debtor’ through ‘Resolution Professional’.
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