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TMI Blog2020 (8) TMI 455X X X X Extracts X X X X X X X X Extracts X X X X ..... own that the said Uttam Chand Choudhary has any shares or is Director of the Original Financial Creditor. Still, further material would be required to be shown to claim collusion between the Said Financial Creditor and the Directors of the Corporate Debtor. Merely on assumption, fraud can not be said to have been prima facie indicated for the Adjudicating Authority to further take cognizance of the averment made. The Learned Counsel states that the Appellant had filed Application before the Adjudicating Authority to consider Appellants as Resolution Applicants. It is stated that the Adjudicating Authority did not pass orders even on that application. It appears to us that the Provisions of IBC require that a prospective Resolution Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation and the other order is dated 17th May, 2019 passed by the Adjudicating Authority by which the Liquidator was changed who had been earlier appointed vide order dated 16th May, 2019. 2. The grievance of the Appellants is that they had filed three applications before the Adjudicating Authority. One was for impleadment, the second was to consider them as Resolution Applicants and the third claimed that the Appeal Proceedings of CIRP were vitiated because of fraud attracting Section 65 of Insolvency and Bankruptcy Code, 2016 (IBC In Short). The Learned Counsel submits that without deciding the applications of the Appellants, the Adjudicating Authority proceeded to pass orders of Liquidation as period for completing CIRP had come ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor wants to take over the property. 5. When we ask the Learned Counsel for Appellant to show as to how the property is claimed to be belonging to the Appellants, the Learned Counsel merely referred us to Annexure A7 page 316 which is copy of Plaint of Title Suit No. 85 of 2015 filed in the Court of Second Civil Judge Sr. Division at Alipor. It is stated that the Suit is still pending. 6. The Learned Counsel states that the Application which was filed by the Financial Creditor was a collusion between the Financial Creditor and Directors of the Corporate Debtor as they are aware that the only asset of the Company is the concerned Flat. The Learned Counsel states that one Uttam Chand Choudhary had signed the Application under Section 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uated at Flat No. 3E, 3, Lower Rowdon Street, Police Station- Ballygunge, Kolkata- 700020, within the aforesaid jurisdiction standing in the name of the defendant No. 10 would stand exclusively allotted to the plaintiff no. 1 exclusively. The said property is morefully mentioned and described in Schedule A hereto. 10. The Appellant in that Suit sought decree of declaration that they are in lawful possession in terms of the family arrangement and the same can not be disturbed. The Learned Counsel for the Appellant adds that in the Suit Interim Order is passed in favour of the present Appellants. 11. The Learned Counsel for Respondent No. 1 states that the Balance-sheets of the Company for the last so many years shows the concerned F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Applicant opportunity should be given to the Resolution Applicant for submitting the Resolution Plan and effort should be made to save the Company. The Learned Counsel states that the Appellant had filed Application before the Adjudicating Authority to consider Appellants as Resolution Applicants. It is stated that the Adjudicating Authority did not pass orders even on that application. It appears to us that the Provisions of IBC require that a prospective Resolution Applicant must approach the Resolution Professional by filing expression of interest and then following the procedures of IBC and the Regulations and complete compliances regarding the tendering of the Resolution Plan. Nothing of this sought has admittedly been done. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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