Order passed by Adjudicating Authority, without resolution professional’s application for initiation of proceedings u/s 43, is unsustainable

Sahara India Vs Nandkishor Vishnupant Despande (NCLAT Delhi)

Facts- The Appellant has remitted the principal amount of Rs. 39,95,00,000/- in various tranches commencing from April, 2018 to February, 2019 in accordance with the ‘Memorandum of Understanding’ (MOU) dated 07th March, 2017 with the Corporate Debtor (CD)/Respondent (in CIRP) for supply of future goods in the form of gold coins/Gold ornaments. The golds were supposed to be supplied by the CD any time after January, 2019. As per MoU vide para 1

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