2018 (2) TMI 1838

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.... Mr. Jayant Mehta, Mr. Pankaj Jain, Mr. Shubhan Roy and Mr. Rahul Kukreja, Advocates. Ms. Neha Somani, Pr.CS. For Respondents: Mr. Sabsyasachi Chaudhary and Mr. Ashish Choudhury, Advocates. ORDER The Appellant (Financial Creditor) has preferred this appeal against the order dated 2nd January, 2018 passed by Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in CP(IB)....

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....er the petitioner to serve a copy of the petition to the Intervener today. Reply may be filed within 3 days with a copy in advance to the opposite party. Thereafter rejoinder, if any, may be filed within 3 days with a copy in advance to the opposite party. List it on 15/01/2018 for admission." 2. Learned counsel appearing on behalf of the appellant submits that the application under section 55 ....

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....t for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the adjudicating authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees. (2) If, any person initiates voluntary liquidation proceedings with the intent to defraud any person, the adjudicating authority may impose upon such pe....

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....or the Corporate Debtor. It is submitted that the 2nd Respondent (Intervener) intends to bring certain facts to the notice of the Adjudicating Authority, to suggest that it is a case for initiating proceeding and to punish the concern person under Section 65. 5. We have heard Learned Counsel for the parties. The Corporate Insolvency Resolution Process can be initiated under Section 7 or Section 9....