2019 (8) TMI 629

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....J. Mukhopadhaya, Chairperson, Mr A. I. S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Technical) For The Appellant : Present but appearance not marked For The Respondents : Mr. Apoorv Sarvaria with Mr. Manas Shukla, Advocates ORDER This Appeal has been preferred by the Insolvency and Bankruptcy Board of India (hereinafter referred to as the 'IBBI') against order dated 5th....

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....ty cannot quash the proceeding, even if proceeding is initiated at the instance and recommendation made by the Adjudicating Authority/ National Company Law Tribunal. 4. In the present case, we find that 'Corporate Insolvency Resolution Process' was initiated against Rana Global Limited ('Corporate Debtor'), in which Mr. Rishi Prakash Vats (1st Respondent) was appointed as a 'Resolution Professi....

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....Financial Creditor has considered it fit now at this stage after more than a month to seek correction. Such a lackadaisical attitude in such proceedings is inexplicable. It would be necessary and expedient to bring it to the notice of the IBBI for an appropriate action." 5. As the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench observed lackadaisical attitude in such pro....

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.... proceeding is initiated, the final order is required to be passed by the IBBI. Expunge of the earlier order made by the Adjudicating Authority on 26th April, 2018 may be a good ground to close the proceeding, but the Adjudicating Authority/ National Company Law Tribunal cannot quash the proceeding initiated by the IBBI. 7. For the reasons aforesaid, we set aside the last portion of the impugne....