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2020 (9) TMI 50 - AT - Insolvency and BankruptcyVarious illegal acts committed by Corporate Debtor in collective connivance to strip the SPV Company - HELD THAT:- It is clear that at present, the Corporate Debtor is in Liquidation and the Liquidation Proceedings which are time bound proceedings are pending. In Liquidation Proceedings of the Corporate Debtor investigations with regard to the transactions relating to some other entity referred as SPV cannot be said to be relevant. The Adjudicating Authority has already observed that the Applicant/Appellant can initiate appropriate criminal/civil proceedings, if any, before the Appropriate Authority and Forum. If the Appellant has any grievances against the acts committed by the Corporate Debtor with regard to the SPV Company, the appropriate legal recourse would always be open. In Liquidation proceedings of the Corporate Debtor it is not necessary to decide the issue as filed by the Appellant. Proceedings under Insolvency and Bankruptcy Code are basically summary in nature and it is not possible to decide what the Learned Sr. Counsel is claiming to be fraud. The proceedings of IBC cannot be so conducted, so as to make IBC unworkable. The Appeal is dismissed at the stage of Admission.
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