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2020 (8) TMI 575 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - case of appellant is that it could not conduct the business due to RBI Circular dated 13th March, 2018 - HELD THAT:- As per Section 12(3) of the Companies Act, 2013, it is a necessary for a Company to write name of the Company along with its former name, so changed during the last two years. But in the present case, the Appellant purposely suppressed the former name in Form-6 as well as in the affidavit verifying the petition filed under Section 10 of the I&B Code. Centrum Financial Services Limited – Respondent No.15 brought on record a Tabular Chart and audited statement to show that the ‘Corporate Applicant’ was solvent and self-sustained Company and immediately before the petition was filed, the Appellant serially siphoned off money. In support of it a Tabular Chart has been enclosed - However, we are not inclined to give any finding on the question of fact as to whether the Appellant is a ‘solvent Company’ and any amount is siphoned or not. If that be so, it will be open to the parties to move on the aforesaid facts before the Registrar of Companies and Regional Director of the Companies, Eastern Region with such allegations. The stand as taken by the parties, suggest that the application under Section 10 of the I&B Code was filed by the ‘Corporate Applicant’ fraudulently with malicious intent and not for ‘Resolution’ or ‘Liquidation’ and may attract Section 65 of the I&B Code for penal action. However, as no such order has been passed by the Adjudicating Authority (National Company Law Tribunal) under Section 65 imposing penalty, we are not passing any penal order under Section 65 - the application under Section 10 was not maintainable. Appeal dismissed.
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