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TMI Blog2019 (8) TMI 1698X X X X Extracts X X X X X X X X Extracts X X X X ..... JUSTICE A.I.S. CHEEMA, MEMBER (JUDICIAL) AND KANTHI NARAHARI, MEMBER (TECHNICAL) For the Appellant : Mr. Javeed Hussain amd Mr. Ashish Rana, Advocates. ORDER An application for substitution has been filed by Mr. Imran Iqbal Khan, Director of 'Corporate Debtor' - M/s Excel Metal Processor Limited, to substitute him as the Appellant in place of M/s Excel Metal Processors Limited ('Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... short the 'I&B Code') against Excel Metal Processors Private Limited ('Corporate Debtor') alleging that the 'Corporate Debtor' committed default on 27th March, 2016 in making the payment to an extent of US $1,258,219.42 inclusive of interest @ 15% per annum. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench by impugned order dated 25th June, 2019 having admitted the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) (Insolvency) No.82 of 2018 etc. decided on 14th November, 2018 wherein it was held that 'Corporate Insolvency Resolution Process'/ insolvency proceedings is not a 'suit' or a 'litigation' or a 'money claim' for any litigation; No one is selling or buying the 'Corporate Debtor' a 'Resolution Plan'; It is not an auction; it is not a recovery, which is an individual effort by the creditor to recove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate person is located". As admittedly, the Registered Office of the 'Corporate Debtor' namely - Excel Metal Processors Private Limited is situated at 132, B, Mittal Towers Nariman Point, Mumbai-400021, we hold that the National Company Law Tribunal, Mumbai Bench has the jurisdiction to entertai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant to suggest whether the Appellant or the 'Corporate Debtor' would agree to repay the debt as payable to the 'Operational Creditor', but it is informed that the 'Corporate Debtor' or the Appellant is not in a position to do so. 7. For the reasons aforesaid, we are not inclined to interfere with the impugned order dated 25th June, 2019 and in absence of any merit, the Appeal is accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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