Show Cause Notice Lacks Justification; Section 65 Inapplicable for Non-Liquidation Cases in Insolvency Proceedings.

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....Penalty u/s 65 of the Insolvency and Bankruptcy Code, 2016 on assenting CoC members - The Adjudicating Authority has not given any reason for forming an opinion much less prima facie that it was a case of malicious intent on the part of the Applicant/RP with the connivance of assenting members of CoC to whom the show cause notice was given and finally the provision of Section 65 has no application because it would apply if the application is filed for the purpose other than liquidation. - AT....