Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 1425 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The applicant filed this application without applying its mind raising frivolous and misconceived pleadings and the application is liable to be dismissed with costs. The peculiar circumstances that the assets of the CD not excluded by the 'DEO WB/the applicant in this application despite earnest effort on the side of the RP, the DEO, WB failed in giving access to the office premises which was sealed by it, that the non cooperation of the 'DEO WB', despite direction by the Hon'ble High Court Calcutta in the W.P. No. 24110 (W) of 2016, it is fair and just to impose a cost of ₹ 5 lacs on the applicant which would be recoverable from the erring officers. Accordingly this application is liable to be dismissed with cost of ₹ 5 lacs. Being found that initiation of CIRP process as against the Corporate Debtor company under the provisions of the Code is perfectly legal and proper and being satisfied that CoC with majority vote share approved the decision for liquidating the Corporate Debtor company, we have no other alternative other than to pass an order of Liquidation. The application is allowed by ordering liquidation of the Corporate Debtor, namely, Pincon Spirits Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016.
|