2020 (9) TMI 50

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.... Advocate for the Appellant. The Learned Sr. Counsel for the Appellant states that the Corporate Debtor IVRCL Ltd. and associate entities incorporated M/s IVR Hotels and Resorts Ltd. (the SPV Company). Part of the shares in SPV were held by Kotak Group Companies. Appellant entered into contract to buy plot from SPV. The Learned Sr. Counsel states that there was fraud in the conduct of that SPV and thus the present proceedings before the Adjudicating Authority, National Company Law Tribunal, Hyderabad Bench, Hyderabad. The Appellant had filed three Interlocutory Applications but the same have been wrongly dismissed. It is stated that there were various illegal acts committed by Corporate Debtor in collective connivance to strip the SPV Compa....

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....ds in the Resolutions Plan of the Corporate Debtor becomes infructuous. 12. With regard to the Prayer of Appointment of forensic Auditor to investigate into the transactions relating to loan of Rs. 169 Crores, allegedly made in favour of the Corporate Debtor by Indravathi Investments Private Limited, this Adjudicating Authority observes that the Applicants herein do not have any locus standi to maintain such a prayer as they are not privy to such transactions and IB Code does not provide for any third party to file Application challenging any fraudulent transactions. 13. It is also observed that the Applicants herein already approached various forums such as IBBI, SFIO, police Authorities, TNRERA etc, with similar prayers ....