2022 (7) TMI 456

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.... challenging the order of original passed in No.50/CE/COMMR/2016, dated 12.07.2016. 2. Based on a tip-off, the officers attached to the Headquarters Preventive Unit, Tirunelveli, visited the office of NSR Company, at Door No.20/A/ East Vellalar Colony, Ramavarmapuram, Nagercoil. At that time, the officers were informed that hard disk and parts of computers of NSR's office was burgled. Thus, the officers conducted search in the presence of the Chief Executive Officer and Accounts Manager on 09.01.2010, incriminating documents revealing unaccounted clearance of MS Ingots by NSR were found. Twenty two records were identified, seized under Mahazar. Subsequently, the team of officers also visited NSR's Factory premises at Pazhavoor Vill....

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....ere examined, given opportunities to give their explanation, thereafter, the Commissioner, Central Excise, Tirunelveli, has passed the impugned order, imposing the demand of Excise Duty, interest wrong availement and utilization of CENVAT credit, inadmissible CENVAT credit and also imposed penalty on D.S.Bharathi, Managing Director, N.V.Baabu, Chief Executive Officer and others of the Company. 3. The petitioners challenging the order of the Commissioner filed the present Writ Petitions. The respondent also filed their counter and the case has been kept pending. At this stage, the learned counsel for the petitioners, sought permission to withdraw the Writ Petitions for the reason that the National Company Law Tribunal (NCLT), Chennai, in MS....

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....d at pages 24 to 26 of the typed set filed with the Application. 4. In the 1st meeting of CoCs held on 08.01.2018, the IRP viz., Mr. V. Nagarajan, was recommended for appointment of RP. Thereafter, the CoCs were reconstituted from time to time subsequent to further claims received from Financial Creditors of the Corporate Debtor. 5. As per Section 25(2)(h) of I&B Code, 2016, the Resolution Professional has invited 'Expression of Interest'(EoI) calling for the 'Resolution Plan' for the Corporate Debtor from the prospective Resolution Applicants and published in 'The New Indian Express' on 21.04.2018. The copy of advertisement is placed at page 27 of the typed set filed with the Application. 6. Pursuant to the pu....

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....editors and suspended board of directors of the Corporate Debtor who are also present at this meeting and the copy of the same is placed before the meeting, be and is hereby approved with 100% voting.' 9. The CoCs also resolved to authorise Mr.V.Nagarajan, the Resolution to file an Application along with approved 'Resolution Plan' to this Authority to seek an order for approval of the same. 10. The 'Resolution Plan' provides that the crystalized amount of Rs.10 Crores as per the schedule of repayment along with interest mentioned therein shall be repaid to the Secured Financial Creditors by a fresh infusion of funds by way of capital restructuring by the Resolution Applicant. The 'Resolution Plan' provides re....