2020 (12) TMI 287

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....d Company on 15.05.1998 with the ROC, Gujarat. 3. During the pendency of the instant petition, an application under section 7 of the IB Code has been filed being no. as C.P.(I.B) No. 161/2019, which said application was admitted on 16.03.2020 and accordingly the CIRP is initiated appointing Mr. Parag Sheth as IRP. Hence, the instant matter is listed on 10.07.2020 for the limited purpose, for determining the issue, whether upon admission of the insolvency application against the Company, the pending application under Section 241-242 r.w. Section 62, 75, 447, 448 and 449 of the Companies Act would be rendered infructuous or would be kept in abeyance till the conclusion of the CIRP. 4. The learned lawyer appearing on behalf of the Petiti....

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.... IRP/RP and accordingly, the power of the Board of Director is suspended and the same is exercised by the RP. 7. The learned lawyer appearing on behalf of the Respondent further submitted that the petition filed under Section 241-242 of the Companies Act, 2013 is also not maintainable and is liable to be rejected in view of the settlement signed/executed and implemented by the parties to the present petition and to that effect the Respondent has already made their detail affidavit in reply on 17.07.2018 along with translated copy of the deed of the settlement. 8. The Respondent further made a reference of the judgment of the Hon'ble Supreme Court in the matter of Innoventive Industries Ltd. (Corporate Debtor) Vs. ICICI Bank & Ann,....