2018 (2) TMI 1838

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....by Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in CP(IB) No.505/KB/2017, which reads as follows: "ORDER Ld. Counsel for the financial creditor and the corporate debtor as well as the Ld. Counsel for the Intervener is present. Ld. Counsel for the Intervener made a request that petitioner be directed to serve a copy of the petition so that he can file detail reply. Ld. Counsel for the financial creditor has raised objection to the above and submitted that Ld. Counsel for the Intervener has no right to intervene in the matter because the dispute is between the financial creditor and the corporate debtor. Ld. Counsel for the Intervener made a request that if the cop....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 person a penalty which shall not be less than one lakh rupees but may extend to one crore rupees." 4. It is submitted that if any person initiates the Insolvency Resolution Process fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, the Adjudicating Authority may impose such person any penalty as stipulated under Section 65. According to 2nd Respondent (Intervener), any person can bring to t....