2024 (9) TMI 1325

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.... 4/AHM/2021. While admitting the company to CIRP, the learned NCLT, in its order dated 16 October 2023, imposed a moratorium in the following terms: "3. The moratorium under section 14 of the IBC, 2016 is declared for prohibiting all of the following in terms of Section 14 (1) of the IBC, 2016: a. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. any action to foreclose, recover or en....

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.... has refuted the submissions made by Learned Counsel for the Appellant and submits that the amount which should be deposited is an amount of Rs. 2,28,49,880/- as was noticed in Paragraph 16 of the impugned order. He submits that with regard to sale of vehicles, there is no issue between the parties. It is submitted that vehicles are still in the custody of the Corporate Debtor which statement is denied by the Counsel for the Appellant. Submissions advanced by both the parties need scrutiny. 3. Issue Notice. Learned Counsel accepts notice on behalf of Respondents. Let a Reply be filed within three weeks. The Appellant may deposit an amount of Rs. 1,49,89,587/- by way of Fixed Deposit in favour of 'Registrar, National Company Law....

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.... the learned NCLT against institution or continuation of judicial actions against the respondent. The direction for deposit is obviously a pre-condition for the appeal, and nothing more. 7. Ms. Kaadambari Singh has also placed reliance on the judgment of a coordinate Bench of this Court in SSMP Industries Ltd v Perkan Food Processors Pvt Ltd (2019) 177 DRJ 473, specifically drawing attention to para 9 of the said decision which read thus: "9. The nature of a counter claim is such that it requires proper pleadings to be filed, defences and stands of both parties to be considered, evidence to be recorded and then issues have to be adjudicated. The proceedings before NCLT are summary in nature and the RP does not conduct a trial. T....