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TMI Blog2019 (7) TMI 1638X X X X Extracts X X X X X X X X Extracts X X X X ..... nip Gandhi For the Respondent : Amitesh Argal ORDER The Petitioner is represented through their respective Learned Counsel(s). Mr. Amitesh Argal, Director of Respondent Company present in person. Learned Counsel appearing for financial creditor/petitioner has submitted that the present matter is lingering since 2018 for final hearing on such pretext Of the settlement proposed by the corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rores, the Director Of the corporate debtor who is present in person submitted that by pointing out that bank has already initiated SARFEASI proceeding and takin action for auction ofthe assets of the company, which would not fetch more than Rs. 6 to 7 Crores. Hence, they made an offer for settlement, which is more than the liquidation value of the assets of company. It is further Submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of other then resolution of the Company, then penalty may be imposed under Section 65 of the Insolvency & Bankruptcy Code. However, we offer an opportunity to the bank to be justified its auction failing which a formal notice under Section of the IB Code may be issued to the Petitioner bank. Therefore, we directed the authorised signatory of the present 1B petition e.g the Chief Manager of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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