2019 (8) TMI 1783

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....N), A.I.S. CHEEMA, J. (MEMBER (J)) AND KANTHI NARAHARI, MEMBER (T) For the Appellant : Samar Raza, Ishita Sharma, Wasim Razvi, Advocates and Party-in-Person For the Respondent : Rahul Chitnis, Aadkitya A. Pandey, Advocates and Vidyadhar Apte, C.S. ORDER 1. The Respondent- Qumruddin Faizi, shareholder of Kaizen AAC Blocks Private Limited ('Corporate Debtor') filed an application....

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....a) of Section 5(8) of IBC. It is further submitted that in absence of any claim, no default can be alleged. 3. Learned Counsel appearing on behalf of 1st Respondent opposed the prayer and referred to the record to suggest that 1st Respondent comes within the meaning of 'Financial Creditor' and the amount disbursed by him was for consideration of 'time value' for money. The Adjud....

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....ion shall allot its securities within sixty days from the date of receipt of the application money for such securities and if the company is not able to allot the securities within that period, it shall repay the application money to the subscribers within fifteen days from the date of completion of sixty days and if the company fails to repay the application money within the aforesaid period, it ....

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.... issued by the 1st Respondent addressed to the 'Corporate Debtor' and others intimating the defaults such as non-issue of share, Balance Sheet, Account and confirmation of the share allotment & remuneration and non-informing board meeting and the AGM and suppressing the profit of the Company. The details of the Lawyer's notice have also been recorded by the Adjudicating Authority. 5....