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Proper forum to decide question of restitution under the Code is IBBI and not NCLT

December 26, 2019[2019] 112 296 (NCLT - Kolkata)

IBC : Where Adjudicating Authority had set aside order of liquidator provisionally admitting claim of appellant and directed liquidator to verify claims of appellant afresh, liquidator could not have issued sale certificate before deciding claim of security interest of appellant, however, since no application was made by applicant for stay of auction process and same had been completed, auction sale could not have been cancelled

IBC : IBBI is empowered to impose penalty on Insolvency professional and it also provides for determination of unlawful gain earned by a person, to order disgorgement of an amount equivalent to such unlawful gain and to provide restitution to person who suffered loss from amount so disgorged

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