2024 (3) TMI 134

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.... in I.A. No.2316 of 2023) JUDGMENT ASHOK BHUSHAN , J. This Application has been filed by the Respondent to the Appeal, Akasa Finance Ltd. (Formerly Known as Pooja Finlease Ltd.) praying for recall of order dated 11.02.2022 passed in Company Appeal (AT) (Ins.) No.152 of 2020 by which Corporate Insolvency Resolution Process of the Corporate Debtor was set aside. The application has been opposed by the Appellant who has also filed a reply to the application. Brief facts necessary to be noticed for deciding this application are:- (i) An application was filed by the Financial Creditor against the Corporate Debtor - M/s Auto Needs (India) Pvt. Ltd. under section 7 claiming total financial debt of Rs.66,76,565/-, which applicatio....

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.... "ORDER Heard the submissions made by the counsel for the financial-creditor. Counsel for the corporate-debtor is present. Authorized Representative is also present and submitted that they have received 12 cheques towards full and final settlement of their claim. The application filed under Rule 11 of NCLT rules, 2016 is taken on record and the application is allowed as a consequence the petition filed under Section 7 stands dismissed as withdrawn, in exercise of powers conferred under Rule 11 of the NCLT Rules, 2016." The True copy is marked 'X' for identification. 2. Counsel for Appellant states that in view of the Order passed by the Adjudicating Authority dismissing the Application under Section 7....

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....s stated in the application that not a single cheque out of 12 cheques was honoured, which statement has been made in Para 6 of the application. (vi) Applicant in the application has also referred to I.A. No. 1124 of 2021 which was filed by the Applicant - Financial Creditor before the Adjudicating Authority for revival of the Section 7 application which application was initially dismissed by the Adjudicating Authority on 10.11.2021 against which Company Appeal (AT) (Ins.) No.103 of 2022 was filed by the Financial Creditor. This Appellate Tribunal vide order dated 18.07.2022 has allowed the Appeal and set aside the order dated 10.11.2022 and revived Section 7 application filed by the Financial Creditor. (vii) In the reply ....