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TMI Blog2023 (8) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Aggrieved by the Impugned Order dated 04/10/2021 passed in IA/275/CHE/2021 and in IA/829/CHE/2021 in the common order passed in CP/1307/IB/2018 by the National Company Law Tribunal, Chennai Bench - II, Mr. Venkata Sivakumar, the Liquidator has preferred this Appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code'). 2. The Learned Counsel for the Appellant / Current Liquidator submitted that the Promoters had made every effort to derail the Resolution Process, on account of which the Corporate Debtor was pushed into liquidation. A false Certificate regarding 29A eligibility was given by the Promoters and it was because of the fraudulent action of the Promoters that the CIRP was delayed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the Liquidator seeking thereof to expunge the averments made in para 2 of Application in IA/829/IB/2020. The Applicant in IA/829/IB/2020 in Para 2 has stated as follows: "Applicant has reasonable grounds to believe that the Respondent is conniving with the erstwhile promoters of the Corporate Debtor to defraud." 21. After perusing the application in toto, we are of the view that the averments made in para 2 of the Application are no so grave, so as to defame the reputation of the Liquidator. Under such circumstances, IA/275/CHE/2021 stands dismissed." 4. The Learned Senior Counsel appearing for the 1st Respondent submitted that Mr. S. Hari Karthik has replaced the earlier Liquidator Mr. V. Venkata Sivakumar. This Tribunal, vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount in the 'Liquidation Estate', though he was duty bound, as per the terms of the 'Request for Resolution Plan' (RFRP) and the Information Memorandum (IM) to refund the EMD within 7 days. Thereafter, the 1st Respondent had filed an Application under Section 60 (5) of the Code, seeking direction to the Appellant to refund the EMD paid and the 'Adjudicating Authority' has rightly held that the Liquidator had no right to hold back the EMD amount and directed the Liquidator to refund the amount of Rs. 2,00,00,000/- within 7 days from the date of the Order. However, the Appellant had failed to comply even with these directions of the 'Adjudicating Authority' and had preferred this Appeal. 6. The main point which arises for consideration in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIRP Process or given any misleading representation. It is not the case of the Appellant that the 1st Respondent had challenged his ineligibility under Section 29A of the I & B Code, 2016 by way of an Appeal. It is his case that the 1st Respondent had made every effort to derail the CIRP Process. At the cost of repetition, there is no shred of evidence to establish this contention. The Citation relied upon by the Learned Counsel for the Appellant in the matter of 'National Highway Authority of India Vs. Ganga Enterprises' (Supra) cannot be made applicable to the facts of this case as it deals with the 'Law of Contract' and 'Forfeiture of Bid Security'. 10. It is significant to mention that in the letter dated 25/08/2020, the erstwhile ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refund of the EMD amount. The 'Adjudicating Authority' has only observed that the averments 'were not so grave so as to defame the reputation of the Liquidator'. Keeping in view, the facts and circumstances of the case on hand, we do not find any illegality or infirmity in the reasoning given by the 'Adjudicating Authority' in the Order impugned, dated 04/10/2021 in IA/275/IB/2021. Needless to add, the amount lying in the Fixed Deposit, be refunded to the First Respondent with the accrued interest, within a week from the date of this Order. 12. For all the aforegoing reasons, this Company Appeal (AT) (CH) (Ins) No. 326/2021 fails and is accordingly 'dismissed'. No Costs. Connected pending Interlocutory Applications, if any, are 'closed'.< ..... X X X X Extracts X X X X X X X X Extracts X X X X
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