TMI Blog2019 (11) TMI 1706X X X X Extracts X X X X X X X X Extracts X X X X ..... find out whether the said amount is being paid in the individual capacity of the Promoters or Shareholders or Directors and not from the proceeds of crime . It is further clarified that if the order of this Appellate Tribunal dated 28th August, 2019 passed in terms of Section 12A is not given effect within a period of 30 days from the date of this order, in such case the order of this Appellate Tribunal dated 28th August, 2019 shall stand recalled and the order of liquidation dated 8th May, 2019 passed by the Adjudicating Authority shall stand restored - Resolution Professional are allowed to continue till the process is completed under Section 12A for a period of another 30 days. Application allowed. - I.A No. 2787 of 2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Adjudicating Authority and allow the Appellant (who filed the application of Section 7 Andhra Bank ) to withdraw the application. 18. In the result, the Corporate Insolvency Resolution Process initiated against the Corporate Debtor namely- M/s. Sterling Biotech Ltd. stands set aside subject to the payment of the amount as payable by the Promoters /Shareholders to all the stakeholders/financial creditors and operational creditors in terms of Section 12A as approved with 90% voting share of the Committee of Creditors . However, setting aside the order of initiation of Corporate Insolvency Resolution Process will not amount to interference with any of the order passed by the Enforcement Directorate with regard to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidator Ms. Mamta Binani for clarification of the order dated 28th August, 2019. 3. Having heard learned counsel for the parties, we make it clear that the Promoters and or Shareholders and or Directors have been allowed to pay the dues in their individual capacity from their respective account which should not be proceeds of crime . We direct them to disclose source of the funds to Enforcement Directorate and Resolution Professional before such payment. 4. For the purpose of finding out whether the amount paid to the Andhra Bank is proceeds of crime or not, we allow the Enforcement Directorate to find out whether the said amount is being paid in the individual capacity of the Promoters or Shareholders or Dir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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