2020 (12) TMI 643

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....gh Virtual Mode ) Ministry of Corporate Affairs has been arrayed as party Respondent No. 46 in terms of the direction given in order dated 6th November, 2020. However, there is no appearance on behalf of Respondent No. 46, though Mr. Sanjay Shorey, Director (Legal), MCA has appeared previously. 2. Heard learned senior counsel representing the Appellant and learned counsel representing for the Financial Creditor. Since the issue raised in this appeal is limited to direction given in terms of impugned order by the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench in regard to CA 1342/2019 only, we dispense with the appearance of Respondent No. 2 to 45. 3. In terms of impugned order dated 27th February, 2020, apar....

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....Authority and the express provisions of these sections leave no room for ambiguity in this regard. Shri Arun Kathpalia, learned senior counsel representing the Appellant has referred to observations of Hon'ble Apex Court made in "Embassy Property Developments Pvt. Ltd. vs. State of Karnataka and Ors., 2019 SCC OnLine SC 1542", paras 51 and 52, in this regard, which are extracted hereinbelow:- "51. The objection of the appellants in this regard is well founded. Section 65 specifically deals with fraudulent or malicious initiation of proceedings. It reads as follows: "65. Fraudulent or malicious initiation of proceedings. - (1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently....