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2019 (9) TMI 587

..... x-Directors of the ‘Corporate Debtors’ were willfully dis-obeying to co-operate - HELD THAT:- In the present case, as we find that the Appellant has not co-operated with the ‘Resolution Professional’/ ‘Liquidator’ and is still not co-operating and the Adjudicating Authority has already initiated the contempt proceedings under Section 425 of the Companies Act and .....

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..... cate For The Respondents : None ORDER The Appellant, Director of M/s Mega Soft Infrastructure Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) r/w Rule 11 of the NCLT for removal of the Resolution Professional / Liquidator , Mr. Abhishek Anand, which was rejected by the Adjudicating Authority (National Company Law Tribunal) New Delhi Ben .....

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..... Section 425 of the Companies Act, which relates to initiation of contempt proceedings, it was alleged that the contemnor has taken resort to legal proceedings by filing a collusive petition for mandatory injunction in a desperate bid to avoid liquidation proceedings. This was done to procure some order of the Court to justify injunction over the property to keep it out of the arena of liquidation. .....

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..... in assisting the proceedings, the application was dismissed by impugned order dated 22nd April, 2019. 5. Another CA being CA No.494/2019 was filed by the Ex-Directors (including Appellant herein) questioning the working of the Adjudicating Authority also dismissed the said application as the Ex-Directors have no locus to file an application on behalf of others by impugned order dated 22nd April, .....

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..... ill not co-operating and the Adjudicating Authority has already initiated the contempt proceedings under Section 425 of the Companies Act and intends to order for penal action under Section 70 and 72 of the I&B Code, we allow the Appellant to raise all the issues before the Adjudicating Authority. If any issue the Appellant intends to raise, he and other Directors should appear in person and m .....

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