Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 188 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make payment of its dues - corporate person is the applicant - Corporate Person keeping in view the interest of all stakeholders, filed this petition for revival of the Company CIRP under Section 10 of IBC - HELD THAT:- Due to the loss, the Company could not pay the banks and other creditors. As a result, the account became Non-Performing Asset (N.P.A.). The applicant further submits that the financial debt owed to Punjab National Bank was sanction on 30.03.2017. The said facility was utilised from time to time as and when the funds were required. Due to the severe incident of the fire and several losses, the Directors of the company were of the view that company will not be able to repay the defaults. Hence, the Corporate Person, keeping in view the interest of all stakeholders, filed this petition for revival of the Company CIRP U/s. 10 of the Code. Perusal of records shows that the Corporate Person furnished/disclosed all information relating to all Books of Account. The applicant has produced on record the Board Resolution dated 03.10.2020 authorising the Director i.e., Mr. Subhash Agrawal/applicant to file this application U/s. 10 of the Code for initiation of the CIRP - Corporate Person suggested/proposed name of one Mr. Pratim Bayal for appointment as Interim Resolution Professional. The application is defect free and deserves to be accepted - application admitted - moratorium declared.
|