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2022 (2) TMI 548 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues or not - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Ld. Adjudicating Authority passed the order in VEJAS POWER PROJECTS LIMITED VERSUS VAAYU INFRASTRUCTURE LLP. [2019 (8) TMI 1786 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI] and admitted the petition filed by the Respondent No. 2 herein (Financial Creditor), 'Vejas Power Project Ltd.' under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Appellant herein (Corporate Debtor), 'Vaayu Infrastructure LLP' and further while dismissing the Application filed by the Appellant herein vide order dated 16.09.2019 in MA 2984/2019 & MA 3061/2019 in C.P. 1951(IB) (MB)/2019, the Ld. Adjudicating Authority has not considered the provisions of Rules 37, 49 and 150 of the NCLT Rules. In view of the above, the impugned orders dated 30.08.2019 and 16.09.2019 are hereby set aside and the matter is remitted back to the Ld. Adjudicating Authority (National Company Law Tribunal), Mumbai Bench with a request to hear the parties including the Appellant herein and Respondent No. 1 herein about his fee and expenses for the period he has worked as IRP and pass appropriate orders within six weeks from the date of receipt of this judgment. Registry to upload the Judgment on the website of this Appellate Tribunal and send the copy of this Judgment to the Ld. Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, forthwith.
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