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TMI Blog2020 (9) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... iate Authority and Forum. If the Appellant has any grievances against the acts committed by the Corporate Debtor with regard 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 issue 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. The proceedings of IBC cannot be so conducted, so as to make IBC unworkable. The Appeal is dismissed at the stage of Admission. - Company Appeal (AT) (Insolvency) No. 585 of 2020 - - - Dated:- 4-8-2020 - [Justice A.I.S. Cheema] Member (Judicial) , [Justice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which reliefs have been sought for do not belong to the Corporate Debtor i.e., IVRCL limited, but belong to one of its subsidiaries namely IVR Hotels and Resorts Limited . b. The issue of investigation into the affairs of the Corporate Debtor is being raised by a party completely stranger to such transactions. c. The mortgage and/or charges that have been created on the lands in question have been created by the owners of the lands in favour of the Central Bank of India and Kotak Investment Advisors Limited, which is very well documented as per Law. 10. From the above, this Adjudicating Authority observes that the Applicants herein are fighting for their cause, before an appropriate forum and the subject matter that is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 authority/forum to seek appropriate reliefs as envisaged under Law. 16. Accordingly IA No. 523, 524 and 672/2018 stand disposed of. The reasons recorded by Adjudicating Authority are correct. It is clear that at present, the Corporate Debtor is in Liquidation and the Liquidation Proceedings which are time bound proceedings are pending. In Liquidation Proceedings of the Corporate Debtor investigations with regard to the transactions relat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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