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TMI Blog2020 (4) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... n accordance with law. The plea of collusion could not have been raised for the first time in the appeal before the NCLAT or before this Court in this appeal - we relegate the appellant to the remedy before the Adjudicating Authority. - Civil Appeal No (s).7641/2019 - - - Dated:- 18-2-2020 - Mr. Justice Arun Mishra And Ms. Justice Indira Banerjee For the Appellant(s) : Mr. Gopal Jain,Sr.Adv., Mr. Ankur Kashyap, AOR For the Respondent(s) : Mr. Purushaindra Kaurav,Sr.Adv., Mr. Sachin Pujari,Adv., Mr. Sameer Shrivastava, AOR, Mr. Anupam Lal Das,Sr.Adv., Mr. Shikhil Suri,Adv., Mr. Shiv Kumar Suri,Adv., Ms. Shilpa Saini,Adv., Ms. Vinishma Kaul,Adv., K. Shekhar,Adv., Ms. Enakshi Mukhopadhyay Siddhanta, AOR, Ms. Rukhsana Choudhury,IR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 7 of the IBC against Earthcon Construction Pvt. Ltd., being one of the Corporate Guarantors of Respondent No.1 in the DTD. However, on the basis of notice issued on 11.06.2019 under Section 8 of the IBC, Respondent No.2 (Operational Creditor)/Emperos Infrastructure Private Limited filed proceedings including under Section 9 of the Arbitration and Conciliation Act, 1996. 4. An application was admitted on the basis of the admission made by Respondent No.1, as apparent from the order dated 23.08.2019 passed by the NCLT. Aggrieved thereby the appeal was preferred before the NCLAT. The NCLAT by the impugned order has dismissed the appeal. Hence the present appeal. 5. Mr. Gopal Jain, learned senior counsel appearing on beh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llusion is unfounded and has no merit. Learned counsel appearing for the IRP has stated that this aspect has to be considered by the IRP, whether the proceedings have been initiated in collusion or not while submitting a report to the Adjudicating Authority. The provisions contained in Section 65 of the IBC are extracted hereunder:- 65. Fraudulent or malicious initiation of proceedings. - (1) if, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the adjudicating authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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