2018 (10) TMI 1086

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....nal guarantors on behalf of the Corporate Debtor. 2. In the pending liquidation proceedings one of the operational creditors filed application under Section 60(5)(c) r/w Section 67 of I&B Code with prayer to seek directions on the 2nd respondent including appellants to deposit their passports with the Registry of the Tribunal during the pendency of the said application. The Adjudicating Authority by impugned order dated 9th August, 2018 taking into consideration the fact that the CBI has registered the cases and investigation is still going on with regard to the Ex-Directors of the Company and taking into consideration the fact that the company is under liquidation and in similar cases the Hon'ble Supreme Court and Adjudicating Authority....

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....rmission of this Bench of Hon'ble NCLT, Mumbai Bench...." On perusal of the prayer in the application, it is seen that there is no such prayer for seeking restrain order against respondent No.2 to 5 except seeking direction to deposit their passport with the Registry of this Tribunal, during the pendency of the case. However, for the sake of brevity, this Bench is of the view that to protect the interest of all the stack holders and also to facilitate the liquidation proceeding undertaking by the liquidator, the respondent No.2 to 5, are not allowed to leave the country without prior permission of this Bench till next date of hearing i.e. 06.09.2018." 3. Learned counsel appearing on behalf of the appellants submits that the Hon'....

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....sets of the corporate debtor as it may deem fit. (2) On an application made by a resolution professional during the corporate insolvency resolution process, the Adjudicating Authority may by an order direct that a director or partner of the corporate debtor, as the case may be, shall be liable to make such contribution to the assets of the corporate debtor as it may deem fit, if- (a) before the insolvency commencement date, such director or partner knew or ought to have known that the there was no reasonable prospect of avoiding the commencement of a corporate insolvency resolution process in respect of such corporate debtor; and (b) such director or partner did not exercise due diligence in minimising the potenti....