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TMI Blog2022 (12) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... ine in the facts of the present case. The Adjudicating Authority has itself observed that the Corporate Debtor has cooperated with the IRP and RP, in para 23. We, thus, are satisfied that the direction to deposit Rs.1,60,000/- and fine of Rs.1,00,000/- deserved to be deleted and is hereby deleted. The law that after initiation of the CIRP the Directors are not entitled to operate any account and use any assets of the Corporate Debtor is well settled and present is a case where no appeal has been filed by the Resolution Professional challenging the order in which other two transactions have been accepted. - Company Appeal (AT) (Insolvency) No.853 of 2022 - - - Dated:- 2-12-2022 - [Justice Ashok Bhushan] Chairperson, [Dr. Alok Srivasta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date the Corporate Debtor was running as a going concern and Corporate Debtor had infused Rs.19,75,000/-, which amount was utilized for the payments and Rs.1,60,000/- was utilized towards the expenses for diesel of two DG Sets. Learned counsel for the Appellant has further submitted that the period form 22.07.2019 to 16.08.2019 has been subsequently excluded by the order of the Adjudicating Authority, therefore, it will be treated that no CIRP was continuing during the period, hence, the transactions were also entitled to be excluded. Learned counsel for the Appellant submits that two transactions have been accepted by the Adjudicating Authority, hence, there was no occasion for not accepting the third transaction. 4. Learned counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019 17,73,405 Payment of Salary, Rent and Security TOTAL 21,33,405 . 7. In so far as submission of learned counsel for the Appellant that since period from 22.07.2019 to 16.08.2019 has been excluded, CIRP will be treated to be commenced from 16.08.2019 cannot be accepted. Exclusion of the period is for the purpose that in CIRP this period shall be added i.e. 180 days which is provided for maximum period. The argument of learned counsel for the Appellant cannot be accepted that date of initiation was shifted by excluding the period. It is clear from the order of the Adjudicating Authority that the tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er was willing to supply diesel at credit and the Corporate Debtor had to buy the diesel against cash payment and the amount of Rs,1.50,000 was utilized for procuring diesel and balance amount was expended towards expenses at plant level. 8. There was a clear pleading that the Corporate Debtor was using two DG sets with the capacity of 1500 KVA. As in rainy season there were lot of power failure in Wada region and to run the DG sets approx. 1500 litre was required. The above explanation was stated in Para 5.11, as noted above. 9. We are of the view that the Adjudicating Authority erred in rejecting the said transaction by observing that there is no proof that expenditure was for towards the diesel consumption. When explanation was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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