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2020 (2) TMI 1701

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..... Bankruptcy - Arbitration proceedings - initiation of arbitration proceedings against the Corporate Debtor, which was hit by moratorium when CIRP started - Corporate Debtor undergoing liquidation proceedings - Section 35(k) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The duty cast on the Liquidator is to institute or defend any Suit, prosecution or other legal proceedings. The same .....

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..... Heard Counsel for Appellant. This Appeal has been filed against Impugned Order dated 11th February, 2020 passed in CA No.1096(PB)/2020 in CP (IB)-540 (PB)/2017. It is stated that the Corporate Debtor Su Kam Power Systems Ltd. is undergoing liquidation proceedings. Counsel states that before the CIRP had started, the Appellant had initiated arbitration proceedings against the Corporate Debtor, .....

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..... sel referred also to the liquidation Order dated 3rd April, 2019 (Annexure A-9) to state that when liquidation Order was passed, the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) had directed the Liquidator in direction g that the Liquidator shall follow up and investigate the financial affairs of the Corporate Debtor in accordance with provisions of Section .....

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..... . We find that the duty cast on the Liquidator is to institute or defend any Suit, prosecution or other legal proceedings. The same would include conscious decision which a Liquidator may take whether or not in the given set of facts, he needs to defend the proceeding. If the Liquidator has taken the decision, for reasons stated, we do not think that the Appellant has any right to force the Liquid .....

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