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2019 (12) TMI 167 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - absence of bar under Section 11 of the ‘I&B Code’ - Corporate Debtor failed to make repayment - existence of debt and dispute or not - Section 7 of the ‘I&B Code’ - HELD THAT:- Similar issue fell for consideration before the Hon’ble Supreme Court in Forech India Ltd. v. Edelweiss Assets Reconstruction Co. Ltd. [2019 (1) TMI 1442 - SUPREME COURT]. In the said case, the Hon’ble Supreme Court noticed that the winding up petition was filed against the ‘Corporate Debtor’ (Company) against which application under Section 7 of the ‘I&B Code’ was filed subsequently and observed that This Section is of limited application and only bars a corporate debtor from initiating a petition under Section 10 of the Code in respect of whom a liquidation order has been made. From a reading of this Section, it does not follow that until a liquidation order has been made against the corporate debtor, an Insolvency Petition may be filed under Section 7 or Section 9 as the case may be, as has been held by the Appellate Tribunal. The Hon’ble Supreme Court further held that under Section 11 only the ‘Corporate Debtor’ is not eligible to file petition under Chapter II of the ‘I&B Code’. The application under Section 7 was maintainable and therefore, no interference is called for - Appeal dismissed.
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