Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1829 - AT - Insolvency and BankruptcyCIRP Proceedings - pendency of Winding up proceedings - Appellant submitted that ‘I&B Code’ is a complete Code by itself and Section 238 of the ‘I&B Code’ will override the other provisions, including the winding up proceedings initiated under Section 433 of the Companies Act, 1956 - whether even after initiation of winding up proceedings, it is open to the Adjudicating Authority to restore the Company to its first stage of Resolution Process and on failure to order final stage of liquidation? HELD THAT:- Similar issue decided in the case of INNOVENTIVE INDUSTRIES LIMITED VERSUS KUMAR MOTORS PRIVATE LIMITED [2018 (2) TMI 1736 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL] where it was held that as admittedly the High Court has already admitted the winding up proceedings and ordered for winding-up of the Respondent-‘Corporate Debtor’, we hold that the question of initiation of ‘Corporate Insolvency Resolution Process’ against same ‘Corporate Debtor’ does not arise. There are no merit in this appeal - appeal dismissed.
|