2020 (10) TMI 197 - Tri - Insolvency and Bankruptcy

Restraint Order - avoidance application pending on the ground around ₹ 118Ccrore was given as loan and reflected in loans and advances column in the financial year 2014-15 and 2015-16 - HELD THAT - It appears the answering respondents are not present before this Bench, may be because date of hearing is not Imown to them, the applicant is therefore directed to intimate next date of hearing to the Respondents enabling them to appear and argue this application by filing their reply if any two days before next date of hearing. List this application along with Avoidance Application on 09.10.2020.

Summary

The Tribunal issued an order in response to an application filed by the RP seeking restraint orders against the holding company (RI) of the corporate debtor due to a loan of around Rs. 118 crore given in the financial years 2014-15 and 2015-16. The RP expressed concerns that the holding company was attempting to alienate its properties, potentially impacting an avoidance application pending. The Tribunal directed the applicant to inform the respondents of the next hearing date and listed the application for further proceedings on 09.10.2020.