9911796707
TMI Blog2021 (4) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... ER (Virtual Mode) Heard. 2. This Appeal has been filed by the Ministry of Corporate Affairs against part of the Order passed by the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench) in IA No.457/2018 and IA No.256 of 2019 in CP(IB) No.06/PB/2018 under Section 66 of Insolvency and Bankruptcy Code, 2016 (IBC - in short). 3. It is stated that Respondent No.1 - Shri Amit Chandrakant Shah - Resolution Professional filed Application under Section 66 of IBC, inter alia, seeking Orders and directions that Respondents Nos.1 to 3 in the Application before Adjudicating Authority wrote off amount of Rs. 1,25,45,046/- receivables from Respondent No.4 in that Application. The Resolution Professional laid particulars before the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... timate findings given by the SFIO in this case. No order as to costs." 4. In Appeal, the learned Counsel for the Appellant has grievance with regard to Direction No.2 where Central Government is directed to refer the matter to SFIO for further investigation. It is argued that the Adjudicating Authority could not have directly asked the Central Government to refer the matter to SFIO as there is a procedure required to be followed under Section 213(b) of the Companies Act, 2013 which requires that the Central Government on an Application made by any other person or otherwise "if it is satisfied that there are circumstances suggesting" requirements as mentioned in the Sub-Section exist after giving reasonable opportunity of being heard to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ass order under Section 213 of the Companies Act, 2013, it was always open to the Adjudicating Authority/Tribunal to give a notice with regard to the aforesaid charges to the Promoters and others, including the Appellants herein and after following the procedure as laid down in Section 213, if prima facie case was made out, it could refer the matter to the Central Government for investigation by the Inspector or Inspectors and on such investigation, if any, actionable material is made out and if the Central Government feels that the matter requires investigation through the 'Serious Fraud Investigation', it can proceed in accordance with the provisions as discussed above. Impugned order shows parties have been heard on the charges claimed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for any fraudulent or unlawful purpose; (ii) persons concerned in the formation of the company or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members; or (iii) the members of the company have not been given all the information with respect to its affairs which they might reasonably expect, including information relating to the calculation of the commission payable to a managing or other director, or the manager, of the company, order, after giving a reasonable opportunity of being heard to the parties concerned, that the affairs of the company ought to be investigated by an inspector or inspectors appointed by the Centr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o adopt procedure under Section 213 (b) of The Companies Act, 2013 and Central Government may get the affairs of the Companies investigated by an Inspector or Inspectors appointed by the Central Government and take further necessary steps as per law, with regard to the investigation into the affairs of the Corporate Debtor namely, M/s. BCIL, Red Earth Developers India Private Limited, Shri Hariharan Chandrashekhar, Ms. Kanchan Kaur, Shri Sanjay Ramanujam and M/s. Promptech Incorporated and other related Persons and Companies including Director of Companies of Corporate Debtor & related Companies, basing on the Review Report, as expeditiously as possible. (B) Resolution Professional will call back matter sent to SFIO. The Appeal is dispose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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