2019 (6) TMI 767

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....hi Narahari, Member (Technical) For The Appellant : Mr. Darpan Wadhawa, Senior Advocate with Mr. Manik Dongra, Mr. Nikhil Singhvi, Mr. Arjun Syal, Mr. Manpreet Kaur and Mr. Shreyan, Advocates For The Respondents : Mr. Anant A. Pavgi and Mr. A. Anand, Advocates for R-2 (IRP). ORDER This appeal has been preferred by Mr. Neeraj Jain, Shareholder of 'M/s. Namo Alloys Pvt. Ltd.'- ('Corporate Debto....

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....7 has been filed after embezzling the amount from the Bank Accounts of the 'Corporate Debtor'. 4. It is further submitted by the learned Senior Counsel for the Appellant that there are five 'Financial Creditors' (Banks) but four of them have not joined with the Respondent Bank and are co-operating with the 'Corporate Debtor' for recovery of amount fraudulently withdrawn from the account of the '....

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....s and had withdrawn from the account. 7. Having heard Mr. Darpan Wadhawa, learned Senior Counsel for the Appellant and Mr. Anant A. Pavgi, learned counsel for the 'Interim Resolution Professional', we are of the view that an application under Section 7 being an independent proceeding has nothing to do with the pendency of the Criminal Case relating to misappropriation of the funds by the Chief F....