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TMI Blog2019 (6) TMI 1395X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted or rejected, the assets and the accounts of the Company need to be maintained on date except withdrawal of the legitimate expenses required for carrying on the day-to-day expenses. Therefore, this Authority in exercise of the powers conferred under Rule 11 of the NCLT Rules, 2016, restrains the Corporate Debtor and its Directors from alienating, encumbering or creating any third party int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is an existence of dispute between the parties, and prayed for time for filing reply. At request, time is enlarged with the direction to file reply within a week's time, by circulating copy to the other side. Thereafter, within one (1) week the Counsel for the Applicant will file Rejoinder, if any. 2. The Counsel for the Applicant has filed Misc. Application No. 609/2019 under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 60(5)(c) of the IBC, 2016 is only maintainable in the situation the CIRP is initiated against the Company or the Company is under liquidation. In view of it, before the admission of the Petition, such application cannot be entertained. It is correct to state that unless the Corporate Debtor is under CIRP or the liquidation process under Section 60(5)(c), this Authority cannot be exercised ..... X X X X Extracts X X X X X X X X Extracts X X X X
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