Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1896 - AT - Insolvency and BankruptcyRejection of proceedings u/s 7 proceedings under Insolvency and Bankruptcy Code, 2016 - post-dated cheques had been issued by the Respondent which bounced and criminal complaints were filed under Section 138 of the Negotiable Instruments Act - HELD THAT:- It would be totally inappropriate on the part of the Adjudicating Authority to shut its eyes to the Agreement dated 15.06.2018 and to have thrown out all the claims of the Appellant on the basis that reference to the earlier rejection of the Company Petition 122/2018 had not been made. When the Petition was filed based on the subsequent agreement, such stand on the part of the Adjudicating Authority cannot be maintained. The Respondent has even in the Reply (Diary No.10319) accepted entering into this fresh agreement dated 15th June, 2018. The Application under Section 7 of I&B Code could not have been rejected on such grounds as mentioned by the Adjudicating Authority. Nothing else is pointed out to question the Form submitted. Form submitted under Section 7 of I&B Code being complete, the same should have been admitted. The matter is remitted back to the Adjudicating Authority - appeal allowed by way of remand.
|