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TMI Blog2022 (7) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... to with the Corporate Debtor by the Applicant prior to the initiation of CIRP. Moreover, this Adjudicating Authority in its summary adjudication cannot adjudicate the rights and obligations of a Joint Venture Agreement and can give any conclusive finding. Application dismissed. - I.A. No. 116 of 2021 in C.P.(IB) No. 357/BB/2019 - - - Dated:- 24-6-2022 - Ajay Kumar Vatsavayi , Member ( J ) And Manoj Kumar Dubey , Member ( T ) For the Appellant : V. Srinivasa Raghavan , Sr. Counsel and Vegadarshi For the Respondents : Nishanth Kadur and Deep Roy ORDER Ajay Kumar Vatsavayi , Member ( J ) I. A. No. 116 of 2021 : 1. This Application has been filed by M/s. C D Tech (Singapore) Pte. Ltd., U/S. 60 (5) of the IBC, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eholding as the majority shareholder, and the Applicant to hold 49% as the minority shareholder in the JV Company. 3. In pursuance to the JV Agreement, the JV Company was incorporated as a Private Limited Company on 17.12.2015. The Applicant invested a substantial amount of money and resources in the JV Company. In 2015, the Applicant subscribed to and purchased 5,00,000 shares in the JV Company at Rs. 64/- per share as agreed to under Article 3.1.2 of the JV Agreement. The Applicant has thereby invested Rs. 3,20,00,000/- in the Equity Shares of the JV Company (representing 49% of the Share Capital of the JV Company). The Applicant also loaned substantial amounts to the JV Company (at the Corporate Debtor's behest and with the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... non-starter, that the liability of the Corporate Debtor is not crystallized and that the matter need to be discussed in the presence of the suspended directors for more clarity on the issues involved. At that juncture, one of the suspended Directors of the Corporate Debtor, Mr. Sudharshan, expressed that the JV Agreement had been entered into with the Applicant with the intention of expanding their business, that due to change in Board of Directors of the Applicant, the decision of implementation of JV Agreement failed and this had resulted in heavy losses to the Corporate Debtor (by way of investments in the Joint Venture, which was a non-starter). He further stated that the Corporate Debtor is not having any liability towards the Applican ..... X X X X Extracts X X X X X X X X Extracts X X X X
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