2019 (8) TMI 1871

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....I.S. Cheema, J. (Member (J)) And Kanthi Narahari, Member (T) For the Appellant : Vinod Kumar Chaurasia, Advocate. ORDER 1. This appeal has been preferred by Mr. Madhusudan Sharma, 'Resolution Professional' of the 'Corporate Debtor' against the order dated 7th June, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Jaipur Bench. By the impugned orde....

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....een a promoter or in the management or in control of CD in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the adjudicating authority under this code. 30. However, no such order has been passed even though in application IA No. 58/JPR/2018 has been filed b....

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....to default. Further, it is also pointed out and a repeated assertion is made by the respondents, including the Resolution Applicants, in relation to IA No. 57 of 2018 that the Corporate Debtor is a closely held company and pre-dominantly carried with funds made available by related parties and that funds of the public are not involved for carrying out the affairs/business of the Corporate Debtor. ....

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....9 and 07.03.2019 to suggest that I.A. No. 58/JPR/2018 filed by the 'Resolution Professional' was taken up 8 times but no order was passed by the Adjudicating Authority. In spite of the same, the Adjudicating Authority has wrongly made the observations that no serious effort was made by the 'Resolution Professional'. It is submitted that the 'Resolution Professional' brought....