Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2020 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 1319 - AT - Insolvency and BankruptcyMaintainability of appeal under section 60(1) of IBC - money advanced constituted a ‘financial debt’ - application under Section 7 of the Insolvency and Bankruptcy Code, 2016 not dealt with - HELD THAT:- It emerges from the record that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“I&B Code” for short) has not been dealt with at the stage of admission and no order has been passed either admitting or rejecting the application. Mere finding on an Interlocutory Application that the debt claimed by the Creditor constituted a ‘financial debt’ would not ipso facto justify admission or rejection of the application as learned Adjudicating Authority is required to consider the debt along with default and unless there is a finding in respect of default and an order of admission is passed, ‘Corporate Insolvency Resolution Process’ does not commence. Viewed in this perspective, it is futile to contend that the appeal in terms of Section 60(1) shall be maintainable. Appeal dismissed.
|