TaxTMI 
TaxTMI 
2021 (3) TMI 934
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....] Member (Technical) For the Appellant : Mr. E. Omprakash, Sr. Advocate with Ms. Madhusmita Bora, Advocates. For the Respondent : Mr. Krishna Srinivasan, Advocate. ORDER (Virtual Mode) Heard Learned Counsel for the parties. 2. This Appeal has been filed by the Appellant who is arrayed as Corporate Debtor before the Adjudicating Authority in IBA/393/2020 filed under Section 9 of Insolvency an....
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....200 vehicles, for transportation purposes. The Corporate Debtor is disposing of its movable and immovable assets, and creating third party encumbrances. We have heard both the parties. The Respondent shall file the list of assets, vehicles and other details of the Corporate Debtor before the next date of hearing and the Respondent shall not sell any of the movable or immovable assets of the Resp....
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.... 5. Learned Counsel states that thereafter suddenly in the Newspaper there was a news as can be seen Annexure A-5-Page 45. On the subsequent date, the present Impugned Order came to be passed. The Learned Counsel submits that the Adjudicating Authority should not have passed such Order directing that the Appellant shall not sell any movable or immovable assets. 6. The Learned Counsel submits that....
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....presents that the Petitioner should not stand in the way as the restraint order is pertaining only to the sale of the movable and immovable assets of the Corporate Debtor and that the Corporate Debtor is free to carry on its day to day transactions in relation to the ordinary course of this business behoving its Memorandum of Association for which it has been incorporated." 8. The Learned Counsel....