Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1525 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- Invalid or defective authorisation letter cannot be rectified after reserving the order that should have been done prior to completion of the pleadings. In absence of valid authorisation in favour of the person filing the application the present application is not maintainable. Also, it can be seen that the loan was converted into equity by the acts of the applicant and for the reasons stated above the transaction can no longer be termed as "financial debt" under the code, which is due and Payable - upon appreciation of the documents placed on record to substantiate the claim, the present petition is rejected in terms of Section 7(5)(b) of the Code. Petition dismissed.
|