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Ashok Advani ? Appellant v. S.h. Khatod Trust And Another ? S

Ashok Advani ? Appellant v. S.h. Khatod Trust And Another ? S

(National Company Law Appellate Tribunal)

Company Appeal (AT) (Insolvency) No. 489 Of 2018 | 28-08-2018

1.Learned Counsel appearing on behalf of the Appellant submits that after filing of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on 29thDecember, 2017 and before admission of the application on 9thJuly, 2018, the parties have already settled the matter as back as 30thJune, 2018. In that view of the matter, the application under Section 7 is not maintainable.

2.Let notice be issued on Respondents by speed post. Requisite along with process fee, if not filed, be filed by 29thAugust, 2018. If the Appellant provides the e-mail address of Respondents, let notice be also issued through e-mail.

3.Post the case for admission on 20thSeptember, 2018.

4.In the meantime, the Interim Resolution Professional will ensure that the company remains going concern and if so necessary may take assistance of the (suspended) Board of Directors. The person who is authorised to sign the cheques may issue cheques only after approval of the Resolution Professional. The Bank account(s) of the Corporate Debtor be allowed to be operated for day-to-day functioning of the companies such as for payment of current bills of the suppliers, salaries and wages of the employees/workmen electricity bills etc.



New Delhi Bench

Advocate List
  • For Petitioner : Ms. Tishampati Sen
  • Ms. Riddhi Sancheti, Advocates
  • For Respondent : the Appellant;
Bench
  • S.J. MUKHOPADHAYA, CHAIRPERSON
  • BANSI LAL BHAT, MEMBER JUDICIAL
Eq Citations
  • LQ/NCLAT/2018/802
Head Note

Insolvency and Bankruptcy Code, 2016 — S. 7 — Application — Admitted — Parties have already settled the matter — Application not maintainable — Interim Resolution Professional to ensure that the company remains going concern — Person who is authorised to sign the cheques may issue cheques only after approval of the Resolution Professional — Bank account(s) of the ?Corporate Debtor? to be allowed to be operated for day-to-day functioning of the companies such as for payment of current bills of the suppliers, salaries and wages of the employees'/workmen electricity bills etc. — Corporate Debtor