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2024 (1) TMI 46 - AT - Insolvency and BankruptcyCIRP - Jurisdiction of Adjudicating Authority - imposition of cost / fine and intent of Section 70 of IBC - Allegation that, appellants (suspended director) were not co-operating with the Liquidator - HELD THAT:- There are no hesitation in holding that the word “fine”, used consciously by the Adjudicating Authority in the Impugned Order, is covered in penalty which is required to be dealt under Section 70 and 236 of the Code and which further is not within jurisdiction of the Adjudicating Authority. It is concluded that clearly the Adjudicating Authority erred in passing the Impugned Order overlooking the law of the land through the Code and also ignoring the precedent cases settled by this Appellate Tribunal earlier. The Impugned Order is set aside - matter remanded back to the National Company Law Tribunal, New Delhi Bench to have a fresh look and decide in accordance with the law.
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