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TMI Blog2020 (2) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... g quashment of the order of cognizance dated 06.06.2019 passed by the learned District & Sessions Judge-Cum-Special Judge, Cuttack in 2(c)CC No.14 of 2019, which has been instituted at the instance of the Opposite Party against the petitioners alleging commission of offence punishable under Section 74(3) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code') and also the proceeding thereunder against them. 3. The facts relevant to this case are that, the petitioner No.1-Company incorporated under laws of Singapore is the successful Resolution Applicant with regard to the "Corporate Insolvency Resolution Process" of Corporate Debtors, Adhunik Metaliks Limited and its sister concern, Zion Steel Ltd. The Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or company to profitable venture, to maximize the return to the creditors as a whole by maximizing the value of corporate debtor through resolution process, to establish a fair and equitable system for the ranking of claims and distribution of assets, identify the causes of company's failure and imposing sanctions for culpable management by its directors and officers, thereby, promptly responding to defaults in a way that promotes economic growth and competition. An effective insolvency regime is the only possible ways to foster public confidence which is required to fuel investment or commercial activity which will help respond to the financial risks. Accordingly, an expression of interest is published by the Resolution Professional inviti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Senior Counsel for the petitioners though advanced his argument that during the availability of the grace period of fifteen days, a complaint was filed but did not dispute with the fact of nonpayment of the upfront amount. According to him, the upfront amount is subject to the performance of the obligations as mentioned in the petition and the same having not been complied with, the upfront amount was not paid. He further submitted that suppressing the same the criminal prosecution having been launched and in the meanwhile, the upfront amount having already been paid, the NCLAT has held that it is open to the petitioner to approach the Opposite Party-Board for withdrawal of the complaint, and may request the learned Sessions Judge or High ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... next date. Post the case 'for orders' on 3rd March, 2020 before the 1st Bench on the top of the list. The appeal may be disposed of on the next date. In view of the aforesaid development, having complied with the 'Resolution Plan', it will be open to the Appellant - 'Liberty House Group Pvt. Ltd.' to move before the 'Insolvency and Bankruptcy Board of India' with the request to withdraw the complaint before the Learned Special Judge, Cuttack. The Appellant may request the learned Sessions Judge, High Court of Orissa and the learned Special Judge, Cuttack not to take cognizance of the offence". 8. In this case, as it appears, when cognizance has been taken, the complaint at the behest of the complainant can either be withdrawn, or in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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