2024 (9) TMI 623

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.... Gill, Adv. Ms. Kritika, Adv. Mr. Shoeb Alam, Sr. Adv. Mr. Salvador Santosh Rebello, AOR Mr. Raghav Sharma, Adv. Ms. Manisha Gupta, Adv. Ms. Kritika, Adv. Mr. Prateek Tanmay, Adv. Ms. Pooja Gill, Adv ORDER 1. This appeal under Section 62 of the Insolvency and Bankruptcy Code 2016 "Code 2016" is at the instance of the appellant (suspended Director of the Corporate Debtor) and is directed against the order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi "NCLAT" dated 2 July 2024 in Company Appeal (AT) (Insolvency) No 292 of 2023, by which the appeal came to be dismissed and the order passed by the National Company Law Tribunal "NCLT" admitting Section 7 application filed by the first respondent herein c....

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....ances: (i) In full and final settlement of the claim of the first respondent, namely, Alka Prakash Agrawal, as verified by the Resolution Professional, the client of Mr Shyam Divan has handed over to the Resolution Professional the Demand Draft dated 30 July 2024 bearing number 115300 drawn on the State Bank of India, Hyderabad in the name of Alka Prakash Agrawal for an amount of Rs 2,00,95,158 (Rupees two crore ninety-five thousand one hundred and fifty-eight); and (ii) It appears that there is a claim at the end of one Blue Ocean Biotech Private Ltd and also by one another company, namely, Anchor Paper Mills Ltd. The client of Mr Shyam Divan has also brought two Demand Drafts to satisfy their claims. The details of those....

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....pondent submitted that the quantum of CIRP expenses till the date of termination of CIRP is yet to be determined and the same will have to be borne by the Corporate Debtor. We keep this question open for the NCLT to determine. 8. In the aforesaid context, the appellant shall furnish a bank guarantee within a period of two weeks from today for an amount of Rs 1,12,37,781 (Rupees one crore twelve lakh thirty-seven thousand seven hundred and eighty one) being the amount claimed towards CIRP expenses in accordance with the affidavit of the Resolution Professional. The bank guarantee shall be in the name of the Resolution Professional. 9. The operational creditors and other creditors, if any, will have their own right to avail such legal r....