TaxTMI 
TaxTMI 
2023 (12) TMI 1150
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.... Impugned Order dated 28.04.2023 passed by the 'Adjudicating Authority', National Company Law Tribunal, Chennai Bench-II, in IA/755/2022 in CP/1307/IB/2018, whereby and whereunder the Adjudicating Authority has made some observations against the erstwhile Liquidator / Mr. V. Venkata Sivakumar / the Appellant herein and directed the Registry to forward a copy of the compliance affidavit and the report of the Court Commissioner to IBBI and Insolvency Professional Agency. The observations, in the Impugned Order, relevant to this Appeal, are extracted as hereunder : 2. Mr. V. Venkata Sivakumar, the erstwhile Liquidator, submitted that he was not present during the hearing and an adverse Order was passed without giving the Appellant an opport....
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....er for change of liquidator by this Tribunal" 4. It is submitted that the aforenoted observations were made by the Adjudicating Authority ignoring the Advocate Commissioner's report. It is submitted that the Advocate Commissioner reached the factory at 10.00 AM and left at 05.00 PM after having lunch for 2 hours with one legal assistant and therefore, the said increase from Rs. 50,000/- to Rs. 4,00,000/- as remuneration, is unjustified. It is submitted that the new Liquidator is in the habit of making false statements. 5. Learned Counsel for the First Respondent / the new Liquidator submitted that the Adjudicating Authority had, by a reasoned Order dated 01.07.2022, replaced the Appellant on specific grounds, and directed him to hando....
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....to appear and the Impugned Order was passed. It is submitted that the Appellant had never raised any objection or filed any reply to the Impugned Application or Affidavits filed by R1 during the 8 ½ months of proceedings before the Adjudicating Authority. It is also submitted that the Appellant is strangely questioning the working hours of the court appointed Advocate Commissioner and his fees which is unwarranted. It is also submitted that the Appellant was never present during several hearings and despite being the IRP, RP and subsequently the Liquidator, the Appellant did not have any stock sheet to show the records or assets of the Corporate Debtor taken over during his tenure. Learned Counsel submitted that all scandalous remark....
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....e denying extension dismissed IA No. 754 / 2022. In IA No. 755 / 2022, the Adjudicating Authority posted the matter for hearing on 16.08.2022 and in the meantime, directed both the parties to meet personally and cooperate with each other. The Appellant was present and heard on all these dates. 9. It is significant to mention that in the Order dated 23.12.2022, when the Appellant was heard, an Advocate Commissioner Mr. B. Dhanaraj was appointed to take stock of what documents have been submitted and list the documents that are still to be handed over by the Appellant to the new Liquidator. The facts of the case establish that this situation of stalemate between the parties had necessitated the appointment of this Advocate Commissioner. Th....
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.... herein or any bonafide submission before the Adjudicating Authority that the transition would be done within the time frame given by the Adjudicating Authority. The fact that one weeks' time was given and thereafter, the Adjudicating Authority had directed both the parties to meet, cooperate and implement the Order is not denied. It is not in dispute that 8 ½ months had lapsed from the date the new Liquidator was appointed. Infact, the Advocate Commissioner had written in his report that a list of Registers, files, books, vouchers, cheque books, etc. A total list of 377 items was made. Keeping in view these facts and circumstances of the attendant case on hand, we are of the considered view that the Appellant was very much present f....
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.... admitted and filed with Honble NCLT in terms of Regulation 31(8) of 1881 Liquidation Process Regulation 2016 Certificate on Constitution of Stakeholders Consultation Committee issued and filed with Honble NCLT In terms of Regulation 31A of 1881 Liquidation Process Regulation 2016 Asset Memorandum prepared and filed with Honble NOLT in terms of Regulation 34 of ID Liquidation Process Regulation 2016 All Claims received from secured Financial Creditors during the liquidation Period. Login details of the Email x Jaciquidationcma.com created by him for the purpose of liquidation of the Corporate Debtor. Books of Accounts of the Corporate bobox for the k eight years including Tally or SAP or any o....