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NUI Pulp
NUI Pulp
NUI Pulp
Vs.
O R D E R
Insolvency and Bankruptcy Code, 2016 (“I&B Code” for short) against
Company Law Tribunal), Single Bench, Chennai, on 25th June, 2019 and
dispute between the parties and thereby prayed for time for filing reply.
On the request of the counsel for the ‘Corporate Debtor’, time was allowed
to file reply affidavit and time was also allowed to the ‘Operational
Contd/-………
-2-
3. However, while adjourning the case for 15th July, 2019, the
orders.”
other trying to get adjournment or to alienate the matter after filing of the
that the ‘Corporate Debtor’ and its Directors are intended to sell the
assets of the ‘Corporate Debtor’ to defeat the purpose of the ‘I&B Code’
and cause wrongful losses to all the creditors including the ‘Operational
any such undertaking as it will act taking into consideration the necessity
with ‘inherent powers’ of the National Company Law Tribunal and reads
as follows:
ensure that one or other party may not abuse the process of the Tribunal
or for meeting the ends of justice, it is always open to the Tribunal to pass
under Section 8(1) and after receipt of the reply under Section 8(2),
informed that the ‘Corporate Debtor’ has not made payment, filed an
Debtor’ may abuse the process of the ‘I&B Code’ to deny the creditors
12. The Appellant having not given any undertaking or made any
specific reply and refused to say that they have no such intention, we are
taking away the right of the Board of Directors of the ‘Corporate Debtor’
from taking any action against the ‘Corporate Debtor’ which is different
13. For the reasons aforesaid, we are not inclined to interfere with the
(Kanthi Narahari)
Member(Technical)
Ar/g