National Company Law Appellate TribunalAshish Chaturvedi And Anr vs Inox Leisure Ltd And Anr on 29 January, 2021NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI\n           Company Appeal (AT) (Insolvency) No. 47 of 2021\n\n In the matter of:\n\nAshish Chaturvedi and Anr.                                         ....Appellants\n Vs.\nInox Leisure Ltd. and Anr.                                      ....Respondents\n Present:\n    Appellants:        Mr. Siddhartha Patra, Advocate.\n    Respondents:\n\n                                 ORDER(Through Virtual Mode)\n\n\n\n 29.01.2021:         I.A. No.109 of 2021 has been filed by the Appellant for\n seeking exemption from filing of the certified copy of the impugned order and\n other orders passed by the Adjudicating Authority. I.A. No. 109 of 2021 is\n disposed off with direction to Appellant to file the certified copy of the\n impugned order within one week.In view of the ground urged and keeping in view the directions given by\n the Hon'ble Apex Court in suo moto jurisdiction as also by this Appellate\n Tribunal in suo moto jurisdiction in regard to extension of period of limitation\n and coupled with the fact that the impugned order was uploaded on the\n website of the Adjudicating Authority belatedly on 21st November, 2020, delay\n of 22 days in preferring the appeal is condoned. I.A. No.110 of 2021 stands\n disposed of.In terms of the impugned order dated 9th November, 2020, the Appellant,\n erstwhile Director of the Corporate Debtor has been directed to deposit the\n total amount of Rs.32 lakhs along with interest @ 12% per annum from the\n date of the withdrawal which was in violation of provisions of Section 14 of the\n\n                                                                     Contd/-......-2-Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short). No cogent legal\nground assailing the impugned order and justifying the retention of the amount\nwithdrawn in utter violation of the order passed under Section 14 of the 'I&B\nCode' during the Corporate Insolvency Resolution Process proceeding has been\nassigned. The ground urged that due to COVID-19 Pandemic situation,\nAppellant is unable to comply with the direction is not a legal ground to set\naside the impugned order. There is no equity in favour of the Appellant who is\nguilty of violation of provisions of Section 14 of the 'I&B Code'. Faced with this\nsituation, learned counsel for the Appellant offered to withdraw the appeal. The\nappeal is accordingly dismissed as withdrawn.[Justice Bansi Lal Bhat]\n                                                              Acting Chairperson\n\n\n\n                                                       [Dr. Ashok Kumar Mishra]\n                                                              Member (Technical)\n\n\n\n                                                              [Dr. Alok Srivastava]\n                                                               Member (Technical)\nAR/g\n\n\n\n\n                                             Company Appeal (AT) (Insolvency) No. 47 of 2021