2020 (9) TMI 50

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. Sudhanshu Batra, Sr. Advocate with Ms. Dr. Vandana and Mr. Saroj Anand Jha, Advocates For the Respondent : Mr. Nirav Shah, Advocate Mr. Sutanu Sinha. Advocate for R-1 ORDER Heard Mr. Sudhanshu Batra, Sr. Advocate for the Appellant. The Learned Sr. Counsel for the Appellant states that the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f Impugned Order which we need not reproduce. The Ld. Adjudicating Authority after hearing the parties observed as follows: "9. The following points are matter of facts which are noted by this Adjudicating Authority in the instant Applications. a. The properties against which reliefs have been sought for do not belong to the Corporate Debtor i.e., IVRCL limited, but belong to one of its subsi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... has been passed by this Adjudicating Authority whereby the prayer of the Applicants regarding not to include the subject lands in the Resolutions Plan of the Corporate Debtor becomes infructuous. 12. With regard to the Prayer of Appointment of forensic Auditor to investigate into the transactions relating to loan of Rs. 169 Crores, allegedly made in favour of the Corporate Debtor by Indravathi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r the purview of IB Code and for want of Locus Standi by the Applicants to level such allegations and same are disposed of without passing any comments on the merits and/or demerits of the allegations levelled against the Respondents in these Applications. If the Applicant either on advice or desire wishes, they can initiate appropriate criminal/civil proceedings, if any, before appropriate author .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... egard to the SPV Company, the appropriate legal recourse would always be open. In Liquidation proceedings of the Corporate Debtor it is not necessary to decide the I.As as filed by the Appellant. Proceedings under Insolvency and Bankruptcy Code are basically summary in nature and it is not possible to decide what the Learned Sr. Counsel is claiming to be fraud. Here it is not relevant. The proceed .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X