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2018 (9) TMI 1954

..... s not acceptable as the order of moratorium was passed by the Adjudicating Authority after hearing the Corporate Debtor. After passing said order it came in effect from the same date i.e. 15th January, 2018. Therefore, the Corporate Debtor being under the control of the Resolution Professional, the (Suspended) Board of Directors had no jurisdiction to divert funds to the creditors. Such transfer o .....

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..... ust, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, whereby the Adjudicating Authority directed the Appellant to pay back the sum to the Corporate Debtor, which was paid to them after the order of moratorium. 2. Learned counsel appearing on behalf of the Appellant submits that the order of moratorium was passed on 15th January, 2018 and it was no .....

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..... ghtly directed them to refund the amount. 4. We find no merit in this appeal. It is dismissed. The appellants are directed to refund the amount immediately to the Corporate Debtor, not beyond 30 days, failing which it will be open to the Resolution Professional to move before the Adjudicating Authority for initiating contempt proceeding. The appeal is dismissed with aforesaid observations. - Insol .....

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