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2023 (1) TMI 1053 - AT - Insolvency and BankruptcySeeking directions against the Respondents 2 & 3 for malicious and frivolous initiation of CIRP - HELD THAT:- Having regard to the fact that the CIRP Process is over, the Liquidation Process is almost complete as on the date of Impugned Order i.e., 12.03.2021 and the Assets were sold at a good price and sale proceeds were distributed amongst the Shareholders, we do not see any ground to set the clock back or to interfere with the Orders of the Adjudicating Authority dated 27.02.2020 and 12.03.2021 respectively. Furthermore, a perusal of the material on record shows that the Appellant and Respondents 2 & 3 entered into a Memorandum of Settlement on 15.03.2016 and the Petition was disposed of vide Order dated 17.03.2016 - It is seen from the aforenoted Order that the remedy available for the Appellants was to file appropriate Proceedings before the Civil Court instead of trying to enforce the decree by way of an Application under Section 65 of the Court. The Adjudicating Authority has, rightly after going through the Prayers of the Appellants and material on record, and also considering the stage of the Liquidation Process, dismissed the Application. Appeal dismissed.
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