Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 564 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - requirements for admitting an application under section 10 of the Code, 2016, complied with or not - HELD THAT:- The existence of debt and default is established and no winding up proceedings are pending against the Corporate Applicant and Corporate Applicant is not covered by the ineligibilities provided under Section 11 of the Code, 2016. The Corporate Applicant is entitled to move an application under Section 10 of the Code in view of the admitted outstanding financial debt and default of the same by the Corporate Applicant. As a sequel of the above discussion and in terms of Section 10(4) of the Code, 2016, the instant Petition is admitted in terms of Section 10 of the Code and CIRP is initiated against M/s. IT Power Consulting Private Limited. Petition admitted.
|