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TMI Blog2024 (9) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... the NCLT to determine - the appellant shall furnish a bank guarantee within a period of two weeks from today for an amount of Rs 1,12,37,781 being the amount claimed towards CIRP expenses in accordance with the affidavit of the Resolution Professional. The bank guarantee shall be in the name of the Resolution Professional. The operational creditors and other creditors, if any, will have their own right to avail such legal remedies as may be available to them in law with respect to their claims if any. The impugned order passed by the NCLAT is set aside and the CIRP initiated in respect of the second respondent, namely, Bazargaon Paper and Pulp Mills Private Ltd stands hereby terminated - appeal allowed. - HON'BLE MR. JUSTICE J.B. PARD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issatisfied with the order passed by the NCLT admitting the Section 7 application preferred an appeal under Section 61 of the Code 2016. 3. The NCLAT by its impugned order dated 2 July 2024 dismissed the appeal and thereby affirmed the order passed by the NCLT admitting the Section 7 application. Manifold contentions were raised by the appellant herein before the NCLAT. However, none of the contentions found favour with the NCLAT. 4. In such circumstances, the appellant is here before this Court with the present appeal. 5. Mr Shyam Divan, the learned senior counsel appeared for the appellant. Mr Shoeb Alam, the learned senior counsel appeared for the first respondent and Mr Bharat Gupta, the learned counsel appeared for the second responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppearing for the Resolution Professional with an understanding that if Blue Ocean Biotech Private Ltd has any further claim against the appellant herein, it may put it forward before the NCLT or any other authority in accordance with law. It is also clarified that the learned counsel appearing for the second respondent has accepted the Demand Draft without prejudice to the rights of the Blue Ocean Biotech Private Ltd; and (b) Demand Draft dated 29 August 2024 bearing number 115384 drawn on the State Bank of India, Hyderabad in the name of Anchor Paper Mills Ltd for an amount of Rs 26,12,697 (Rupees twenty-six lakh twelve thousand and six hundred and ninety-seven). It is clarified that the same is handed over to Mr Bharat Gupta, the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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