2024 (6) TMI 1580

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....or Advocate For Mr. Alishan Naqvee, Ms. Rupal Bhatia and Mr. Iman Naqvi, Advocates ORDER Company Appeal (AT) (CH) No.27/2024: After arguing for some length, the Learned Senior Counsel Mr. P.H. Arvindh Pandian, prays that he may be permitted to withdraw the Appeal. The said prayer is accepted, and is permitted to be dismissed as withdrawn, and accordingly, the same is dismissed as withdrawn. Company Appeal (AT) (CH) No.28/2024: In the Comp App (AT) (CH) No.28/2024, the Impugned Order dated 02.05.2024 as it was passed by the National Company Law Tribunal, Kochi Bench, in IA No. (C/ACT)/64/KOB/2024 in CP No.02/KOB/2020 is sought to be challenged. In the proceeding of the CP No.02/KOB/2020, the Forensic Audit was directed to be c....

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....r direction that was sought was to stay the audit process which was being taken up. The said IA as preferred by the Appellant was dismissed as infructuous observing thereof that the Final Forensic Audit Reports has already been submitted on 24.04.2024 and the copy of the same has been served to the parties, including the Appellant. Further an application by the Appellant, a copy of Interim Audit Report was served upon the Appellant on 27.05.2024 with a stipulation to file objections if any within a week. The objections to the findings in Forensic Audit Report, if any ought to have been filed by the Appellant within the time period which was granted by the Order of 27.05.2024 i.e, within a weeks' time. However, the Appellant contends that....

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....m Forensic Audit Report, which had ultimately culminated into the Final Forensic Audit Report order of 24.04.2024 is concerned, it is not required to be judicially addressed by this Appellate Tribunal on merits at this stage, because that would still be a subject matter, open to be decided by the Adjudicating Authority an merits in the pending CP before it. But then, in order to balance the equities and particularly in order to provide sufficient time period for the Appellant to file their objections against the Interim and Final Forensic Auditors Reports, we are of the view that the embargo which was imposed upon in the order dated 27.05.2024, pertaining to the time period prescribed for filing an objection requires consideration and th....