9911796707
TMI Blog2023 (12) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the Canara Bank as the financial creditor against M/s Deccan Chronicle Holdings Limited (Corporate Debtor therein) which was assigned CP No. 41/7/HDB/2017 has been admitted vide order dated 05.07.2017 and the Adjudicating Authority has initiated the CIRP proceedings. It is also not in dispute that the said CIRP proceedings have reached to the stage of consideration of Resolution Plan. In such circumstance, once the Company against which the aforesaid application has been filed by the appellant on the allegation that there is mismanagement in the company and fraud has been played by the persons in control of the company, has gone into CIRP and, moratorium is imposed on Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T. Vinayak Ravi Reddy, Vice Chairman-cum- Managing Director and in charge of the respondent company who continues to control the affairs of Respondent Company is consistently guilty of fraud, misfeasance, persistent negligence and has failed to carry out his obligation and functions under the law and fiduciary duties resulting into business of the Respondent Company is not or has not been conducted and managed with sound business principles and prudent commercial Practices; Thus Respondent No. 3 be restrained to act as director of Respondent Company and be removed from the Board of Directors of the Respondent Company. (ii) Attach all the movable and immovable assets of Respondent Nos. 2 to 40 to restore the diverted funds to the respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e period of three years at a time. INTERIM RELIEF Pending decision on the present petition, the petitioners pray that this Hon'ble Board may graciously be pleased to pass the following interim order(s); (i) Maintain status-quo in relation to day to day management and control of the business of the Respondent Company by the Respondent No. 2 to 9. (ii) The existing Board of Directors of the Respondent No. 1 Company be superseded and a Special Officer/ Administrator/Receiver be appointed to carry out the management of the affairs of the Company; (iii) Special Officer and/or Administrator and/or Receiver be appointed to take custody of all the books, records and documents of the Respondent No. I Company together w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eave of the Hon'ble Board to enlarge the scope of the reliefs sought and prayers made in this petition by filing any other documents or applications in view of the extraordinary nature of the circumstances pertaining of the present petition; (xiv) Such further and/or other order or orders be made and/or direction or directions be given as this Hon'ble Bench may deem fit and proper . Counsel for the Appellant has vehemently argued that there is an error on the part of the Tribunal in assuming that the application is filed by the appellant for winding up of the Respondent (M/s Deccan Chronicle Holdings Limited 39 Ors.) and thus erred in relying upon a decision in the case of Avani Projects Infrastructures Ltd. vs. Ornate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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