Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2018 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1604 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADCorporate Insolvency Resolution Process (CIRP) - non fulfillment of the conditions prescribed under section 9(5)(i) to admit the case - Held that:- The Company petition itself suffers various fundamental defects as pointed out by the learned Advocate General for the respondents in the reply as stated supra. Therefore it is to be held that there is a valid dispute rather no dispute as issue in question was substantially dealt with by various Courts as mentioned supra. Therefore, the Company petition is not maintainable as per law declared by the Hon 'ble Supreme Court in various judgments as mentioned supra. Therefore, the Company is liable to be rejected. The Adjudicating Authority cannot go into disputed question of debt and default, and whether the debt and default with regard to the claim arises or not, is the point for consideration. In the instant case, as stated supra, payment of interest on delayed payment on principal amount has suffered so much litigation ending with order dated 8.11.2016 by the Hon' High court for the states of AP and of Telangana. Therefore, the present Company petition also do not fulfill the conditions prescribed under section 9(5)(i) to admit the case, and, thus, it is liable to be rejected under Section 9(5) (ii) of IBC, 2016. And the petitioner was given ample opportunity duly following principles of natural justice as detailed . Petition dismissed.
|