Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 1478 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution - pendency of winding up petition - Held that:- In the case on hand there is material on record to substantiate that default has occurred. Application filed by corporate debtor is complete in all respects. It is evident from the written communication filed for appointment of Insolvency Resolution Professional that no disciplinary proceedings are pending against him. In view of the aforesaid decision, this adjudicating authority need not look into any other factor. In view of clause (a) of sub-section (i) of section 14 of the Code of proceedings against corporate debtor shall stand stayed on the commencement of insolvency resolution process. In view of section 238 of the code the provisions of insolvency code shall have overriding effect over any other law which is inconsistent with the provisions of this code. This adjudicating authority in CP (IB) in case of Alok Industries Ltd. also took the same view. The financial debtor is a company. The material placed on record by the applicant clearly show that money was lent to the respondent on interest. Therefore, the amount due from the respondent to the applicant is a financial debt. The applicant is a financial creditor. Respondent is a corporate debtor. This application is admitted under section 7(5)(a) of the insolvency code. This adjudicating authority is appointing Mr. Sundaresh Bhat, B-905, National Seaqueen Excellency, Sector 44A, Seawood, Nerul West, Navi Mumbai 400 076 as interim resolution professional. The applicant is directed to make public announcement about initiation of Corporate Insolvency Resolution process as required by Section 13(1)(b) of the Code.
|