2020 (9) TMI 1222

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....dents: Mr. Ritesh Agrawal, Advocate And Mr. Ayush Beotra, Advocate ORDER Heard learned Counsel for the Applicant/Operational Creditor in I.A. No. 1991 and 1992 of 2020 in Company Appeal (AT) (Insolvency) No. 388 of 2020. 2. This Application has been filed by the Operational Creditor - Gupta Electric Company. The Applicant claims that Company Appeal (AT)(Insolvency) No. 388 of 2020 was filed by the Appellant Rajesh Nagpal challenging the order dated 26.02.2020 passed by the Adjudicating Authority (NCLT, Court No. IV, New Delhi) in C.P. No. IB-1071/ND/2019 - "M/s Gupta Ji Electric Company Vs. M/s Straight Edge Contracts Private Limited". The Application was admitted by the Adjudicating Authority by an order dated 26.02.2019 which was....

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....f the IRP as well as learned Counsel appearing for the IRP. Learned Counsel for the Original Appellant- Rajesh Nagpal states that Rs. 3.5 lakhs have been paid. Learned Counsel for the IRP disputed and stated that the fees of the Counsel have not been paid and the cheque given was dis-honoured. 5. Learned Counsel for the Original Appellant Mr. Rajesh Nagpal refers to the reply filed (diary No. 21913) and submits that the Original Appellant had difficulties when Covid-19 problems started and had requested the Original Applicant to accommodate. Learned Counsel submits that the Operational Creditor was in financial difficulties due to global Pandemic. However, the Operational Creditor states that several opportunities were given Corporate De....

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....reement or non-payment of fees/CIRP costs of IRP for which cheque is stated to have been issued. If the Respondent No. 1 or IRP moves this Tribunal complaining default, this Tribunal may recall the present order and restore the Impugned Order. 13. In view of our Order in paragraph 10 supra, actions taken by IRP/RP in consequence of the impugned order are quashed and set aside. The Corporate Debtor is released from the rigour of law and is allowed to function independently through its Board of Directors. The IRP/RP will hand back the records and management of the affairs of Corporate Debtor, to the Board of Directors." ... 9. Admittedly, the cheques which were issued under the MoU have bounced and there is default on the....