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2017 (9) TMI 1534 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADAdherence to procedure prescribed under IBC. 2016, and IBBI Regulations, 2016 and also followed Principles of Natural Justice - validity of Debt Assignment agreements - allegation of related party - Held that:- The applicant's action throughout the entire CIRP proceedings which is not acceptable considering the preamble of the Code. After perusing various records, the Bench is of the opinion that there is no relationship between SCL and MFL. The Applicant's submission that the agenda of the meeting of CoC would have far reaching effect which is prejudicial to the interest of the Financial Creditors including the Applicant is factually not correct, since none of the other financial creditors objected to the agenda and it is only the Applicant objected to it. With regard to the intentions of the Corporate Debtor as well as its related party SCL, we would like to add that the proceedings before the Adjudicating Authority under the IBC is summary proceedings. Therefore, mens rea cannot be raised before the Adjudicating Authority under the IBC proceedings. BIFR proceedings have finally been concluded by passing final orders due to the reasons stated above. It is settled position of law that Assignee cannot get more rights than what its original Assignor has. Admittedly, the EXIM Bank was a party to all concerned proceedings for resolving dispute in question as stated supra. We have carefully examined various orders passed by the BIFR especially touching upon material allegations made by the applicant herein and are satisfied that all interim orders having a material bearing on the issue and also other relevant documents like MRA 2007 etc are valid and thus declared as such and are binding on the parties. The issue cannot be adjudicated in isolation ignoring all developments taken place. At the same time, it is to point out here, that in normal parlance, whatever, interim order(s) passed in a case would merge in the final orders. However, this principle would not be applicable in the present case for the reasons stated supra. The Adjudicating Authority, i.e. NCLT in the instant case, cannot go into roving enquiry especially in the case where several issues have been settled by BIFR and executing several agreements as detailed supra. In the light of aforesaid contentions and findings, We are satisfied that the Learned IRP has acted strictly in accordance I with law by duly following the extant procedure prescribed under IBC. 2016, and IBBI Regulations, 2016 and also followed Principles of Natural Justice.
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