Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2021 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 1431 - AT - Insolvency and BankruptcyApplication under Section 7 of IBC not in the form prescribed under IBC - application rejected as defective for want of certification and verification of the averments made - agreement not admissible evidence as it was not property stamped - HELD THAT:- In the present matter, the Corporate Debtor’s account became NPA on 31st May, 2016, is not in dispute. If the Appellant has grievance that the calculations made with regard to the amount outstanding is not correct as per the record, then documents of same can be looked into by the Resolution Professional in CIRP. As far as the admission of the Application is concerned, question required to be considered by Adjudicating Authority, was to see if financial debt was due and if default was of Rupees One Lakh. If the Application is otherwise complete, the Application is required to be admitted. In Judgement in the matter of M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT], the Hon’ble Supreme Court held that The later non-obstante clause of the Parliamentary enactment will also prevail over the limited non-obstante clause contained in Section 4 of the Maharashtra Act. For these reasons, we are of the view that the Maharashtra Act cannot stand in the way of the corporate insolvency resolution process under the Code. There are no error on the part of Adjudicating Authority. For such reasons, it is found that there are no substance in the submissions being made on behalf of the Appellant - appeal dismissed.
|