Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 457 - AT - Insolvency and BankruptcyRemoval of R3 to R7 form CoC - there is no debt own to them by the Corporate Debtor company - infusion of funds by each of these Respondent were retuned back to them through their related parties - transactions of purported creditors are vitiated by fraud - reconstitution of CoC after cancelling the entire voting rights - HELD THAT:- It is clear that Adjudicating Authority has made observations against the Appellants and one of the premise on basis of which the order has passed recording finding against the Respondents (Appellants herein) that they have not filed any reply - the Adjudicating Authority from the observations in the impugned order noted in Para 22 indicate that Adjudicating Authority was under impression that the entire money invested by the Home Buyers have been rooted back to the relatives of Respondent No. 3 to 7, which is obviously not the position and the same ought to have been cleared by the Resolution Professional before the Adjudicating Authority. It is clear that we have not entered into the merits of the allegations made or claim made in the application of the Resolution Professional or Reply which was submitted by the Appellants before the Adjudicating Authority. At this stage, the Adjudicating Authority should reconsider the application after considering the reply submitted by the Appellants and after hearing them afresh. The order passed by the Adjudicating Authority which is also passed on the ground that no replies have been submitted by the Appellants deserves to be set aside and is hereby set aside. The matter is remitted to the Adjudicating Authority to pass fresh order after considering the replies filed by the Appellants as well as after giving fresh opportunity of hearing to both the parties - appeal allowed by way of remand.
|