2019 (7) TMI 1638

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..... rom the sale proceed Of such auction. Hence, we are not able to understand the purpose of filing such parallel proceeding in this Court which amount to forum shopping and attract the panel provision of Section 65 of the Insolvency Bankruptcy Code, because this Court is not meant for recovery forum, and if such petition is filed, wherein the Petitioner is having intention of other then resolution .....

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..... djudicating Authority should proceed for hearing the matter on its merit and disposal. Contrary, to this the Director of the corporate debtor Company Mr. Amitesh Argal pointed out recently i.e. July 2018 they have received another E-mail from the Bank(financial creditor/Petitioner ) stating inter-alia for approval of OTS proposal. The corporate debtor company to improve its offer and to make fu .....

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..... ffer Of settlement which may came to around ₹ 8 to 9 Crores. We considered this aspect also, however, we are strange to know that bank has already initiated that its parallel proceeding under SARFEASI Act while filing the present proceeding under the Insolvency Bankruptcy Code. It also seems the process of auction is going on and bank can realize the debts from the sale proceed Of such .....

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