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2022 (3) TMI 56 - AT - Insolvency and BankruptcyScope of 'Fraud' - Whether this Appellate Tribunal was misled and deceived by fraud practiced by Respondent No.1 which lead dismissal of the Company Appeal in MR. VINEET KHOSLA VERSUS M/S EDELWEISS ASSET RECONSTRUCTION COMPANY LTD., MARGRA INDUSTRIES LTD., MR. RAJENDER KUMAR GIRDHAR, MR. PARAMJEET SINGH BHATIA, ARCK RESOLUTION PROFESSIONALS LLP [2022 (1) TMI 321 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI]? HELD THAT:- The judgment of MR. VINEET KHOSLA is sought to be recalled on the ground of fraud claim to have been practiced by Respondent No.1. Insolvency and Bankruptcy Code, 2016 does not define fraud - the definition of ‘fraud’ as contained in Section 17 of the Indian Contract Act, 1872 becomes relevant for determining a question of fraud claim to be practiced in proceedings under the IBC. Section 3(37) of the IBC expressly provided that words and expressions used but not defined in the Code but defined in the Indian Contract Act, 1872 and other Acts as referred therein, shall have the meanings respectively assigned to them in those Acts. The Hon’ble Supreme Court A.V. PAPAYYA SASTRY & ORS VERSUS GOVERNMENT OF A.P. & ORS [2007 (3) TMI 735 - SUPREME COURT] has also defined the expression ‘fraud’. The Hon’ble Supreme Court held that the fraud is an act of deliberate deception with the design of securing some unfair or undeserved benefit by taking undue advantage of another. In the resent case, there was neither any fraud practiced by Respondent No.1 nor any misrepresentations made by Respondent No.1 before this Tribunal and the judgment dated 07.01.2022 passed by this Tribunal cannot be held to be obtained by fraud. There are no substance in the submissions of counsel for the Applicant of allegation of fraud or misrepresentation Application disposed off.
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