TMI Blog2019 (9) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 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 may file reply and the Adjudicating Authority thereafter will decide whether the Appellant and the other Directors are liable for punishment in terms of Section 425 of the Companies Act or their case is to be referred to the Special Court for action under Section 70 r/w Section 72 of the I B Code. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 617 of 2019 - - - Dated:- 10-6-2019 - Mr S. J. Mukhopadhaya, Chairperson, Mr A. I. S. Cheema, Member (Judicial) And Kanthi Narahari, Member (Technical) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 3. It appears that forensic audit was also conducted and its report received. A copy of the same was given to the Ex-Directors including the Appellant, who has the interest as well. 4. Contempt proceedings has been initiated by the Adjudicating Authority against the Appellant and other Directors, in which non-bailable warrants have been issued, as the Appellant and other Directors were not co-operating. At the stage of liquidation, two applications were filed by Ex-directors, includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot 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 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 may file reply and the Adjudicating Authority thereafter will decide whether the Appellant and the other Directors are liable for punishment in terms of Section 425 of the Companies Act or their case is to be referred to the Special Court for action under Section 70 r/w Section 72 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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