2020 (1) TMI 1266

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....y , Member ( T ) For the Appellant : Yasmeen M. Sabir, Advocate For the Corporate Debtor : Gaurav Joshi, Sr. Advocate, Dev Parek and Hrishikesh Nandkarni, Advocates For the Intervenors : Gautam Ankhad and Shyam Kapadia, Advocates ORDER Bhaskara Pantula Mohan , Member ( J ) 1. This Miscellaneous Application No. 3059/2019; has been filed by the Samarth Lifters Private Limited under Section 12A....

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....sional was appointed. In view of the same, since no IRP was appointed, CoC could not be formed. 4. Following Intervention Applications/Miscellaneous Applications have been filed by various creditors before the Tribunal, pleading a serious objection against the 12A Application for withdrawal filed by the Petitioner: MA No. 3781/2019; MA No. 3782/2019; MA No. 3126/2019; MA 3834/2019; MA No. 4045/2....

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.... is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is to oversee the resolution process must be consulted before any individual corporate debtor is allowed to settle its claim. A question arises as to what is to happen before a committee of creditors is constituted (as per the timelines that a....

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..... Herein, it is important to note that due to an inadvertent omission by this Tribunal, the Corporate Debtor and the Petitioner cannot use it to their advantage. Therefore, we place reliance on Hon'ble Supreme Court in the case of Alchemist Asset Reconstruction Company Ltd. vs. Hotel Gaudavan Pvt. Ltd. & Ors. wherein it was held as follows: "The mandate of the new Insolvency Code is that the....