This appeal was filed against the order dated 17.08.2022, by which the Adjudicating Authority rejected the Section 9 application filed by the Appellant. The appeal was taken for consideration on 01.11.2022, and the Tribunal passed an order noting the Appellant's submission that the Adjudicating Authority rejected the Section 9 Application without issuing notice on the ground that the Appellant failed to bring proof of sale of shares. The Tribunal directed the issuance of notice to the Respondent and listed the appeal for 13.12.2022. The Respondents appeared and were granted time to file a reply. The Respondent's counsel stated that efforts were being made for an out-of-court settlement, which was recorded on 06.04.2023. However, on the subsequent hearing, the
…VA Realcon Private Limited filed a Section 9 application, which was rejected by the Adjudicating Authority on 17.08.2022 without issuing notice to Avail Holding Ltd. The reason for rejection was the Appellant's failure to provide proof of sale of shares. The Appellant contended that confirmation of accounts was already submitted with the Section 9 application. Avail Holding Ltd. initially expressed interest in an out-of-court settlement, but later stated that no settlement could be reached. The key fact is the dismissal of the Section 9 application without notice, which the appellate tribunal deemed inappropriate given the submitted documentation and the potential for settlement.
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This appeal was filed against the order dated 17.08.2022, by which the Adjudicating Authority rejected the Section 9 application filed by the Appellant. The appeal was taken for consideration on 01.11.2022, and the Tribunal passed an order noting the Appellant's submission that the Adjudicating Authority rejected the Section 9 Application without issuing notice on the ground that the Appellant failed to bring proof of sale of shares. The Tribunal directed the issuance of notice to the Respondent and listed the appeal for 13.12.2022. The Respondents appeared and were granted time to file a reply. The Respondent's counsel stated that efforts were being made for an out-of-court settlement, which was recorded on 06.04.2023. However, on the subsequent hearing, the
…VA Realcon Private Limited filed a Section 9 application, which was rejected by the Adjudicating Authority on 17.08.2022 without issuing notice to Avail Holding Ltd. The reason for rejection was the Appellant's failure to provide proof of sale of shares. The Appellant contended that confirmation of accounts was already submitted with the Section 9 application. Avail Holding Ltd. initially expressed interest in an out-of-court settlement, but later stated that no settlement could be reached. The key fact is the dismissal of the Section 9 application without notice, which the appellate tribunal deemed inappropriate given the submitted documentation and the potential for settlement.
The Adjudicating…
The Tribunal took the appeal for…
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