2020 (1) TMI 1330

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....hosh, Advocates for Intervenor (Assets & Reconstruction Co. Ltd.) ORDER 'M/s. Tirupati Timber & Packaging Limited'- ('Operational Creditor') moved an Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code", for short) against 'M/s. Duncans Industries Limited'- ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata by impugned order dated 18^th December, 2019 admitted the Application. 2. According to learned counsel for the Appellant, the matter was immediately settled with the 'Operational Creditor' much prior to the constitution of the 'Committee of Creditors' and more than the amount claimed  has been paid by two Demand Drafts handed over to t....

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....d an application under Section 7 of the 'I&B Code' against 'M/s. Duncans Industries Limited'- ('Corporate Debtor') and is pending for consideration. 7. On the other hand, the learned counsel for the Appellant submits that the Application preferred under Section 7 of the 'I&B Code' filed by the 'Asset Reconstruction Company (India) Limited' is pending. It is also submitted that it is to be noticed whether the claim is barred by limitation and the Application under Section 7 is barred by limitation. 8. Taking into consideration the fact that the Appellant has already settled the matter with the 2nd Respondent - ('M/s. Tirupati Timber & Packaging Limited' - 'Operational Creditor') much prior to the constitution of the 'Committee of Credi....

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....parate case. 11. For the reason aforesaid, we set aside the impugned order of admission dated 18th December, 2019 and dispose of the Application filed under Section 9 of the 'I&B Code' by 'M/s. Tirupati Timber & Packaging Limited'- ('Operational Creditor'), as withdrawn. It will be open to the 'Operational Creditor' to encash the Demand Draft. 12. The Appellant/Corporate Debtor will pay the fees and cost to the 'Interim Resolution Professional' within three weeks after adjusting the amount which has already been paid by the 'Operational Creditor'. 13. In effect, order (s) passed by Ld. Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium and all other order (s) passed by Adjudicating Authority p....