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2017 Supreme(NCLAT) 379

BALVINDER SINGH, S.J.MUKHOPADHAYA
Innoventive Industries Ltd. – Appellant
Versus
ICICI Bank – Respondent


Advocates Appeared:
For the Appellant :Mr. Amarendra Saran, Senior Advocate, Mr. Makarand D. Adkar, Mr. Braj K. Mishra, Mr. Vijay Kumar, Mr. Amit Tamhankar, Ms Resham Sayyad, Advocates.
For the Respondent:Mr. Ramji Srinivasan, Sr. Advocate, Mr. L. Vishwanathan, Mr. Indranil Deshmukh, Mr. Animesh Bsht, Mr. Karan Khanna, Ms Aditi Tambi, and Mr. Vivek O'riel, Advocates, Mr. Jaswinder Singh and Ms Shipra Shukia, Advocates.

JUDGEMENT :

SUDHANSU JYOTI MUKHOPADHAYA, J.

These appeals have been preferred by the Appellant! Corporate Debtor - M/s. Innoventive Industries Limited against order(s) dated 17th January, 2017 and 23rd January, 2017 passed by the 'adjudicating authority' (National Company Law Tribunal), Mumbai Bench, Mumbai (hereinafter referred to as 'Adjudicating Authority') under Section 7 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as I&B Code 2016) in C.P. No. 1/I&BP/NCLT/MB/MAH/20 16.

2. By the impugned order dated 17th January 2017, the 'adjudicating authority' rejected all the contentions raised by the Appellant/ Corporate Debtor and held that the application preferred by the financial creditor - M/s. ICICI Bank - (respondent herein) is complete under sub-section (2) of Section 7 of the Insolvency & Bankruptcy Code, 2016 and admitted the application declaring 'moratorium' in regard to the affairs of the company; appointed 'Interim Resolution Professional' and passed interim order (s) in terms of Section 7 of the Insolvency & Bankruptcy Code, 2016.

3. In the other impugned order dated 23rd January, 2017 the 'adjudicating authority' while admitted that there was a rush of w

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