TaxTMI 
TaxTMI 
2020 (5) TMI 322
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....iled application under section 9 of the Insolvency and Bankruptcy Code, 2016 (for short the "I and B Code") against Spray Engineering Devices Ltd. ("corporate debtor"). The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, by the impugned order dated September 3, 2019-(IPRO Sugar Engineering P. Ltd. v. Spray Engineering Devices Ltd. [2019] 8 Comp Cas-OL 430 (NCLT)) having admitted the application, the present application has been preferred by director/shareholder. 2. Earlier, when the matter was taken up, learned counsel for the appellant submitted that during the pendency of the arbitration proceedings, appli-cation under section 9 was filed, which was admitted. The other ground taken is that the appe....
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....es Act, 1956 having CIN : U01403CH2007PTC030679 dated : January 30, 2007 at RoC, Chandigarh and having its registered office at H. No. 651, Top Floor, Sector-8B, Chandigarh-160 008 through its director Mr. Harjeet Singh Bola hereinafter referred to as 'second party' which expression unless repugnant to its meaning or context otherwise including its legal heirs, successors, executors, administrators and legal representatives of the second party ; And whereas the second party filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016 against M/s. Spray Engineering Devices Ltd., which is curren....
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....on'ble National Company Law Tribunal pleased to appoint Mr. Sudhir Kumar Jain as interim resolution professional in terms of section 16(5) of the IBC, 2016. And whereas the first party in his individual capacity challenged the admission order passed by the hon'ble National Company Law Tribunal Chandigarh Bench, Chandigarh under section 61 of the IBC, 2016 at the hon'ble National Company Law Appellate Tribunal, New Delhi which is pending till date. And whereas the hon'ble National Company Law Appellate Tribunal, New Delhi pleased to admit the appeal filed by the first party and pleased to issue notice upon second party and also passed the following order. National Company Law Appellate Tribunal New ....
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....d. Post the case 'for orders' on October 16, 2019. The appeal may be disposed of on the next date. During the pendency of the appeal the appellant may pay the total claimed amount by demand draft. The respondent-'operational creditor' may accept the same and if they refuse it, they should give in writing. Until further orders, the 'interim resolution professional' will not constitute the 'committee of creditors', if not yet constituted. However, in the meantime, the 'interim resolution professional' will ensure that the company remains going concern and will take assistance of the (suspended) board of directors and the officers/directors/ employees. The person who is authori....
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....ide demand draft No. 500447, dated September 11, 2019 issued by ICICI Bank Limited, Sector 70, Mohali towards the subject matter, on which the admission order was passed by the hon'ble National Company Law Tribunal, Chandigarh. 2. Upon accepting the same the second party undertakes to withdraw the petition admitted by the hon'ble National Company Law Tribunal, Chandigarh under section 9 of the IBC at Chandigarh. 3. That both the parties mutually agreed that the second party upon accepting the demand draft of Rs. 53,40,453 (rupees fifty three lakhs forty thousand four hundred fifty three only) shall immediately file an application for withdrawal of CIRP under rule 11 of the National Company Law Tribunal Rules before....