TMI Blog2022 (9) TMI 687X X X X Extracts X X X X X X X X Extracts X X X X ..... h impelled the Corporate Debtor to file applications. It is true that the application under Section 76 was not listed and was laying in defect, as has been submitted by learned counsel for the Appellant, however, the order record the statement of counsel for the Corporate Debtor that they shall withdraw the application. The Adjudicating Authority has heard the parties and has to decide finally. The power of the Adjudicating Authority to take proceeding for prosecution are ample and at any stage the Adjudicating Authority can direct for the prosecution of either of the parties. Filing of applications on 30.08.2022 under Section 76 of I B Code and Section 340 of CRPC were only for the purpose of delaying the proceedings as has been obse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the Appellant challenging the order impugned contends that the observation recorded in the order that Appellant has withdrawn earlier application under Section 76 is incorrect. He submits that application under Section 76 was although filed but it was laying in default in the Registry. It was not listed when the Court passed the order. 3. Learned counsel for the Respondent submits that Section 9 application which was filed by the Operational Creditor has been heard thrice once in December,2021 then in March and June, 2022 and the Court has granted opportunity to both the parties to submit their written submissions and further affidavits. It is submitted that these applications have been filed only when Court has made it clear th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t it is only thereafter concealment has come which impelled the Corporate Debtor to file applications. 7. The Respondent Counsel has categorically submitted that order dated 12.01.2022 indicates that when the matter was being heard by the Adjudicating Authority a statement was made by the Corporate Debtor that the application which was filed under Section 76 shall be withdrawn. 8. It is true that the application under Section 76 was not listed and was laying in defect, as has been submitted by learned counsel for the Appellant, however, the order record the statement of counsel for the Corporate Debtor that they shall withdraw the application. The Adjudicating Authority has heard the parties and has to decide finally. The power of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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