TMI Blog2022 (5) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... r, applicant and other guarantors, even notice to arrest has already been issued against the applicant. In these circumstances, the applicant has filed present application with the ulterior motive to stall the recovery proceedings, which will result in loss of public money involved. In view of the facts of the present case it is apparent that the present application is filed only to misuse the protection of interim moratorium u/s. 96 of the Code. Application dismissed. - IB-773/(ND)/2020 - - - Dated:- 13-5-2022 - Dharminder Singh, Member (J) And Sumita Purkayastha, Member (T) ORDER Dharminder Singh, Member (J) 1. The instant application has been filed by 'Mr. Amrit Kumar Patel' under Section 94 read with sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors for recovery of Rs. 35,83,00,000/-, with pendente lite and future interest. d. The applicant in its application has filed details of his assets and debts/liabilities and submitted that since he is unable to pay its debt, the Insolvency Resolution Process should be issued against him. e. In order to prove his default the applicant has placed on record notice issued u/s. 13(2) of the SARFAESI Act and order dated 31.05.2019 passed by DRT-I and various other loans and debt documents. 3. The respondent no. 1 and 2 have filed their respective replies raising objections against the present application. The main objection raised by both the respondents is that the applicant is misusing the law as recovery certificate has already ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Private Limited, Company Appeal (AT) (Insolvency) No. 258 of 2021, has observed as follows: 45. Based on the above discussion, we believe that even if the petition complies with all requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016, it is filed collusively, not with the intention of Resolution of Insolvency but otherwise. Therefore, it is not mandatory to admit the Application to save the Corporate Debtor from being dragged into Corporate Insolvency Resolution Process with malafide. 7. Similarly, in the present matter the respondents has already demonstrated that the recovery proceedings are already under process against the corporate debtor, applicant and other guarantors, even notice to arrest has already b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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