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2018 (9) TMI 1908

..... IBC for review of the order admitting a petition filed under Section 9 of the IBC. It is also not disputed in law that the power to review can not be exercised unless there is specific provision for the same. As far as power to recall an order is concerned, it is nothing but a procedural review which can be availed only if there is any procedural defect in passing the order or the order has been obtained by playing fraud in any manner. There is hardly any procedural defect pointed out in admitting the petition filed under Section 9 of IBC. The said order of admission is self explanatory and conforms to all the requirements necessary for admitting a petition filed under Section 9 of the IBC - Merely for the reason that it was not contested b .....

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..... ion of this Court under Article 226 of the Constitution of India for quashing the impugned orders dated 29.8.2018 and 10.5.2018 passed by respondent no. 1 National Company Law Tribunal, Allahabad (NCLT). Respondent no. 2 Aryan Traders, one of the creditors of respondent no. 3 R.B. Rice Mills Private Limited initiated proceedings for Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2010 (IBC) against respondent no. 3. The above petition has been admitted and a moratorium has been declared against respondent no. 3 w.e.f. 9th May 2018 till completion of the Corporate Insolvency Resolution Process vide order dated 10.5.2018. At the same time Interim Resolution Professional (IRP) has been appointed w .....

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..... the remaining amount of ₹ 1 crore 62 lakhs within 15 days and it was made clear that on deposit of the balance amount only the sale certificate shall be issued to the petitioner. The petitioner has not deposited the entire bid amount of ₹ 2 crore 16 lakhs. He has only deposited the earnest money of ₹ 21, 60,000/- and a sum of ₹ 32,40,000/-; total ₹ 54,00,000/- and was required to deposit the balance amount of ₹ 1 crore 62 lakhs within 15 days from the date of auction and for deposit of the same he had applied for extension of 45 days time which had been extended from time to time but has not deposited the entire amount. It is admitted that there is no provision in IBC for review of the order admitting a .....

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..... that the petition under Section 9 of IBC for Corporate Insolvency Resolution Process has been initiated by respondent no. 2 fraudulently in collusion with respondent no. 3, it may take recourse to proceedings under Section 65 of IBC. At the same time if the petitioner feels that it has perfected its right over the plant and machinery on the basis of e-auction, it may apply to the NCLT for excluding the assets which it has purchased in the e-auction ie. plant and machinery from the ambit of the Corporate Insolvency Resolution Process. In either case, if the NCLT is so approached, the request of the petitioner shall be duly considered by the NCLT in accordance with law but we find no error or illegality on part of the NCLT in either admitting .....

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