The case involves an appeal against an order by the Adjudicating Authority (NCLT, Mumbai) in a liquidation proceeding of Asian Natural Resources (India) Ltd, where the appellants, ex-Directors of the company, were directed to deposit their passports. The Adjudicating Authority's order was based on the fact that the CBI had registered cases and investigations were ongoing against the Ex-Directors. The applicant sought a restrain order against the Ex-Directors from leaving the country. The appellants argued that the Adjudicating Authority did not have the power to pass such an interim order and that it violated Article 21 of the Constitution of India.
Asian Natural Resources (India) Ltd is undergoing liquidation. The appellants are the ex-Directors of the company and also personal guarantors on behalf of the Corporate Debtor. An operational creditor filed an application under Section 60(5)(c) r/w Section 67 of I&B Code seeking directions for the appellants to deposit their passports. The Adjudicating Authority (NCLT, Mumbai) passed an order directing the appellants to deposit their passports, considering the ongoing CBI investigation against the Ex-Directors. The appellants appealed against this order, arguing that the Adjudicating Authority lacked the power to pass such an order and that it violated Article 21 of the Constitution of India. The applicant contended that if a restrain order is not passed against
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The case involves an appeal against an order by the Adjudicating Authority (NCLT, Mumbai) in a liquidation proceeding of Asian Natural Resources (India) Ltd, where the appellants, ex-Directors of the company, were directed to deposit their passports. The Adjudicating Authority's order was based on the fact that the CBI had registered cases and investigations were ongoing against the Ex-Directors. The applicant sought a restrain order against the Ex-Directors from leaving the country. The appellants argued that the Adjudicating Authority did not have the power to pass such an interim order and that it violated Article 21 of the Constitution of India.
Asian Natural Resources (India) Ltd is undergoing liquidation. The appellants are the ex-Directors of the company and also personal guarantors on behalf of the Corporate Debtor. An operational creditor filed an application under Section 60(5)(c) r/w Section 67 of I&B Code seeking directions for the appellants to deposit their passports. The Adjudicating Authority (NCLT, Mumbai) passed an order directing the appellants to deposit their passports, considering the ongoing CBI investigation against the Ex-Directors. The appellants appealed against this order, arguing that the Adjudicating Authority lacked the power to pass such an order and that it violated Article 21 of the Constitution of India. The applicant contended that if a restrain order is not passed against
…Adjudicating Authority passed an order…
Date of the…