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DIVISION BENCH

ITEM NO.121

NATIONAL COMPANY LAW TRIBUNAL

ALLAHABAD BENCH

PRAYAGRAJ

IA NO.263/2022, IA NO.374/2022, IA NO.386/2022, IA NO.430/2022, IA

NO.439/2022, IA NO.10/2023 & IA NO .17/2023 IN CP (IB) No.218/ALD/2019

CORAM:

1. SHRI PRAVEEN GUPTA,

HON’BLE MEMBER (JUDICIAL)

2. SHRI ASHISH VERMA,

HON’BLE MEMBER (TECHNICAL)

Date of Order: 14^th February, 2023

Attendance-Cum-Order Sheet of the Hearing.

NAME OF THE COMPANY

AMERICAN EXPRESS BANKING CORP

V/S J.M.L. MARKETINGS PVT LTD

UNDER SECTION

7 OF IBC (IN CIRP)

Counsel Appeared Through Video Conferencing/ Physical Hearing (Hybrid Mode):

Sh. Abhishek Devgan, Adv.

: For Applicant/RP in IA No.263/2022, IA No.386/2022, IA No.430/2022, IA

No.439/2022, IA No.10/2023 & IA No .17/2023

Sh. M.K. Maurya proxy Counsel for Sh. Nishant Mehrotra, Adv.

: For the Applicant in IA No.374/2022

Sh. Devesh Bhatia, Adv.

: For Respondent/Suspended Board of Director in IA No.263/2022 & IA No.386/2022

Sh. Deepak Maurya holding brief of Sh. Saurabh Srivastava, Adv.

: For Respondent No.1 Bank/PNB in IA No.439/2022

Sh. Arjun Sethi, Adv.

: For Respondent in IA No.10/2023

ORDER

IA NO.263/2022

Ld. Counsels for the parties present.

Ld. Counsel representing the Suspended Board of Director submits that the reply

in this matter has been filed with an advance copy to the Ld. Counsel representing the

RP. However, the same is denied by the Ld. Counsel representing the RP.

In view of this, Counsel representing the Suspended Board of Director submits

that another copy of the reply would be forwarded by way of an e-mail as well as by

registered post to the Counsel representing the RP within a period of one week.

Let the Rejoinder, if any, be filed within one week thereafter.

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Let the matter to come up for hearing on 22^nd March, 2023.

IA NO.386/2022

This is an IA filed under Section 66 of the Code for declaration that the

transactions with the Respondent Nos.1 to 5 and the entities mentioned in the IA as

fraudulent. There is an interim direction also sought in this IA for supplying details of

contacts and addresses of the entities mentioned in paragraph no.2 of the application by

the Suspended Board of Directors, inter alia amongst other prayers.

Let the notice be issued to the respondents.

Ld. Counsel, Sh. Devesh Bhatia representing the respondents accepts the notice

and therefore, waives service on behalf of respondent Nos.1 and 2. He further seeks two

weeks time to file reply. The notices to the remaining Respondent Nos.3 to 5 be served

within two weeks and the affidavit of service be filed within one week thereafter.

Rejoinder to the reply on behalf of Respondent Nos.1 and 2 be also filed within

one week after receiving the copy of the reply.

The Ld. Counsel representing the Suspended Board of Director of Respondent

Nos.1 and 2 fairly submits that whatever relevant information would be possible to be

obtained, will be provided to the RP within one week.

Let the matter to come up for hearing on 22^nd March, 2023.

IA NO.430/2022

Ld. Counsel for the RP submits that this is a second progress report ending on

20^th November, 2022.

Let the progress report be taken on record.

Accordingly, IA NO.430/2022 stands disposed of.

IA NO.439/2022

This IA has been moved on behalf of the RP for seeking reversal of the amount,

which was wrongly debited by the Respondent No.1 and 3 and therefore, to be credited

to the account of the Corporate Debtor. The Respondent No.1 i.e. Punjab National Bank

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has already reversed some amount as recorded in the previous order dated 16^th January,

2023.

Today, Ld. Counsel representing the RP submits that whatever amount was

remaining to be reversed to the account of the Corporate Debtor, has also been reversed

by the Respondent Bank, i.e. Punjab National Bank and theref