TMI Blog2019 (7) TMI 776X X X X Extracts X X X X X X X X Extracts X X X X ..... rofessional also claims that financial irregularities have also been committed by the Corporate Debtor . The order regarding expenses of Resolution Professional was not required to be determined at this stage, we are also of the view that considering the record, the Adjudicating Authority should also seen whether the application under Section 10 of the I B Code was filed with fraudulently or with malicious intention for any purpose other than for the resolution of the insolvency or liquidation as defined under Section 65 of the I B Code and if so necessary, it may request the Central Government for reference to the SFIO under Sections 212 and 213 of the Companies Act, 2013 and other provisions of the Insolvency Bankruptcy Code incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Board could not have initiated the process and for necessary compliance the corporate veil is required to be lifted and see the legal persons behind the debtor company which has filed the application based on which the Tribunal has initiated the corporate insolvency resolution process . Learned counsel appearing on behalf of the Appellant submitted that the observation made in the last paragraph of the order dated 16th October, 2018 will affect the Promoter , as the Corporate Debtor has filed the application under Section 10 of the Insolvency Bankruptcy Code, 2016 (for short, the I B Code ). Further, according to him, the money is not available with the Corporate Debtor and in absence of money with the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the application as has been filed. The Resolution Professional also claims that financial irregularities have also been committed by the Corporate Debtor . 6. In the circumstances, while we are of the opinion that the order regarding expenses of Resolution Professional was not required to be determined at this stage, we are also of the view that considering the record, the Adjudicating Authority should also seen whether the application under Section 10 of the I B Code was filed with fraudulently or with malicious intention for any purpose other than for the resolution of the insolvency or liquidation as defined under Section 65 of the I B Code and if so necessary, it may request the Central Government for reference ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
