|
Advanced Search Options
Insolvency and Bankruptcy - Case Laws
Showing 1 to 20 of 1471 Records
More information of case laws are visible to the Subscriber of a package i.e:-
Party Name, Court Name, Date of Decision, Full Text of Headnote & Decision etc.
- 2019 (10) TMI 894
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make payments - Existence of default or not - HELD THAT:- It is clear that the Applicant has provided services for which Corporate Debtor has failed to make payment. The outstanding, operational debt of more than Rupees One Lakh is due and payable against the Corporate Debtor and Corporate Debtor has committed default in making the payment. Further, the Corporate Debtor has not controverted the same even during the hearing. Therefore, the default is also established. The Application under sub-section (2) of Section 9 of I&B Code, 2016 is complete. The existing operational debt of more than rupees one lakh is due and payable against the corporate debtor and its default is also proved - Application admitted - moratorium declared.
- 2019 (10) TMI 893
Maintainability of application - initiation of CIRP - Section 7 of the Insolvency and Bankruptcy Code, 2016 - precise case of the Petitioner-Financial Creditor is that the total amount in default due to the financial creditor by the corporate debtor as on 03.05.2019, is ₹ 9,91,11,819.00/- - ex-parte order - HELD THAT:- The form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, read with Section 7, of the Code - We are satisfied that a default amounting to lacs of rupees has occurred. As per requirement of Section 4 of the Code if default amount is one lac or more then the CIR Process would be issued. The application under sub-s....... + More
- 2019 (10) TMI 892
Liquidation Order - section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The order of liquidation has been passed by the Adjudicating Authority in view of the application u/s 33 (1)(a) filed by the ‘Resolution Professional’ on the instruction of ‘Resolution Professional’ more than 180 days have been passed. In absence of any infirmity, we are not inclined to interfere with the order of liquidation dated 5th December, 2018. In the absence of any application u/s 60 filed by the Appellant before the Adjudicating Authority, the Adjudicating Authority has not decided such issue. Appeal dismissed.
- 2019 (10) TMI 821
Maintainability of application - initiation of CIRP - Non-performing asset - section 7 of The Insolvency and Bankruptcy Code, 2016 read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- On perusal of the records it is found that, from time to time, at the instance of the respondent, the applicant bank had enhanced and rescheduled such facilities. That, due to non-payment of the debts account of the corporate debtor was classified as Non-Performing Assets on 31st March, 2013. The plea of limitation taken by the corporate debtor is not maintainable in view of the fact that before expiry of three years’ period, the corporate debtor acknowledged the debts. Moreover, objection raised by the corporate debtor that the petitioner cannot be permitted to pursue two parallel proceedi....... + More
- 2019 (10) TMI 820
Maintainability of application - initiation of CIRP - application is filed under Section 9 of I and B Code - whether the applicant is an Operational Creditor? - HELD THAT:- Admittedly, the applicant is procuring Timex Watches from the respondent from time to time for selling online i.e. the provision of goods is being made by the respondent for which payment is to be made by the applicant. The applicant’s claim is that there is outstanding amount due from the respondent as on 31.03.2017 of ₹ 12,73,235/- including amount of credit notes of ₹ 10,61,623/- and debit note raised by the applicant against the return of watches of ₹ 1,45,977/-. The applicant has not proved that an operational debt is owed to it and that it is an operational creditor. Therefore, the application under Section 9 of the Code filed for initiati....... + More
- 2019 (10) TMI 802
Admissibility of application - initiation of CIRP - Corporate Debtor - default in making payment of the outstanding debt - HELD THAT:- The Operational Creditor has complied with Section 9 (3) (b) & (c) of the I&B Code, 2016, by filing Affidavit, wherein under Para 4, it has been deposed that the Corporate Debtor has not given any notice of dispute or a pendency of a suit or arbitration proceedings in relation to the unpaid of operational debt. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Authority is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared.
- 2019 (10) TMI 801
Maintainability of application - initiation of CIRP - Section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - debt due and payable by the Corporate Debtor - HELD THAT:- The present application is complete and the Applicant is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Application admitted - moratorium declared.
- 2019 (10) TMI 695
Admissibility of application - initiation of CIRP - Section 10 of the ‘Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The impugned order dated 15th March, 2019 is against the provision of law and cannot be sustained. It is not in dispute that the application filed under Section 10 is without approval of the ‘Annual General Meeting’ / ‘Extra-Ordinary General Meeting’. Simultaneously a plan was submitted which is against the provision of Section 65 of the I&B Code as it appears that it is filed with malicious intent for any purpose other than for the resolution of insolvency and liquidation. For this reason, we set aside the impugned order dated 15th March, 2019. The petition under Section 10 of the I&B Code filed in ‘Form 6’ is dismissed.
- 2019 (10) TMI 694
Maintainability of application - Initiation of CIRP - Corporate Debtor defaulted in paying an amount - HELD THAT:- Since the Corporate Debtor has not even repaid the amount ordered to be recovered from the debtor even after lapse of almost two years, the Financial Creditor has now filed this Company Petition u/s. 7 of the Code on 10.04.2019 for initiation of CERP against the Corporate Debtor for making a claim of ₹ 135,65,99,352 as on 31.03.2019. The Corporate Debtor has stated that they have already submitted One Time Settlement proposal to the Financial Creditor (State Bank of India) authorities, thereby, the Corporate Debtor needs time to remain waiting for answer from the Creditor Bank (State Bank of India) - this Bench being satisfied that the Financial Creditor has proved the existence of debt of ₹ 135,65,99,352 and defa....... + More
- 2019 (10) TMI 623
Maintainability of petition - initiation of CIRP - Fast Track Resolution of the Corporate Debtor - Default in repayment - HELD THAT:- The Applicant has been able to successfully make out its case for Fast Track Resolution of the Corporate Debtor as per section 57(a) & (b) of the Code. Application admitted.
- 2019 (10) TMI 622
Maintainability of application - initiation of CIRP - Corporate Debtor committed a default for total outstanding amount - Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- On perusing the facts of the instant petition filed under Section 9 of the Code, there appears to be an existence of dispute regarding the default and debt in question due to the deficiency in the goods and/or services supplied by the Operational Creditor - Whereas, in the instant case, the Respondent had raised certain issues regarding the goods and/or services vide its reply notice dated 24.08.2018. On perusal of the said notice, we find that the Respondent had raised a conceivable dispute that would require further investigation. However, the Tribun....... + More
- 2019 (10) TMI 621
Maintainability of application - initiation of CIRP - default in payment of instalments on the part of Corporate Debtor - existence of debt - HELD THAT:- In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt' and there is a default on the part of the Corporate Debtor in payment of the 'financial debt' - there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. The petitioner/finan....... + More
- 2019 (10) TMI 620
Maintainability of application - initiation of CIRP - Corporate Debtor committed default - Section 9 of IBC, 2016, R/w Rule 6 of I&B(AAA) Rules, 2016 - HELD THAT:- The instant Petition is filed mainly to recover the alleged an outstanding amount of rent for ₹ 41,53,754/- which arise out of lease deed dated 13.02.2013. The lease deed dated 13.02.2013 was executed between the Petitioner and the Respondent. It is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon'ble Supreme Court in the case of Mobilox Innovations (P.) Ltd. v. Kirusa Software Private Limited [2017 (9) TMI 1270 - SUPREME COURT] has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. The c....... + More
- 2019 (10) TMI 596
Admissibility of application - initiation of CIRP - Default of debt - section 60(5) of I&BC - HELD THAT:- The Resolution professional has provided to the resolution applicants all relevant information in the Information memorandum for filing their resolution plans and CIRP cannot be further stalled by acceding to such request of the unsuccessful Resolution Applicant for serving them with copy of minutes of CoC meetings. The request of the Unsuccessful Resolution Applicant in MA No. 2140 of 2019 and 2141 of 2019 is hereby rejected. Application disposed off.
- 2019 (10) TMI 595
Maintainability of petition - initiation of CIRP - Corporate Debtor did not pay the outstanding amount and hence defaulted in payment of the operational debt - Section 9 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Corporate Debtor has admitted to the default in payment of dues to the Operational Creditor stating that the Corporate Debtor is unable to pay the outstanding dues of the Operational Creditor due to circumstances and factors wholly beyond the control of the Corporate Debtor - The Operational Creditor has not proposed the name of an Interim Resolution Professional [IRP]. The Operational Creditor in the case in hand, succeeds in proving all the ingredients of Section 9(5)(i) of the Code and therefore, the application is liable to be admitted. The application filed by the Operational Creditor under Section 9 of th....... + More
- 2019 (10) TMI 594
Direction to the Ex-Director/Promoter not to leave the country without permission of this Tribunal and to impound their passports - HELD THAT:- The non-applicant-respondent Nos. 1 to 3 would be required by the law enforcing agencies and there are substantial allegations which cannot be brushed aside merely on the ground that the non-applicants have co-operated with the Resolution Professional or other investigating agency so far or on the ground that the non-applicants have roots in society which would prevent them to flee this country. Therefore, the direction issued on 23.04.2019 that non-applicants-respondent Mr. Athar Zia, Mrs. Sheeza Zia & Mr. Mohammad Zulfiqar Ullah Siddiqui are not to leave the country without prior permission of this Tribunal is made absolute - Accordingly, it is directed the aforesaid persons are not to leave....... + More
- 2019 (10) TMI 593
Permission for withdrawal of application - Maintainability of application - initiation of CIRP - Corporate Debtor - main plea taken by the appellant is that the Assignment Agreement dated 17th April, 2015 is not genuine - HELD THAT:- There are no ground to allege malicious intent on the part of the ‘Financial Creditor’ for the purpose of Section 65 of the I&B Code. The validity of the Assignment Agreement cannot be decided by the Adjudicating Authority and, therefore, the same issue could not been reiterated. The appeal stands disposed of as withdrawn.
- 2019 (10) TMI 544
Approval of Resolution plan - liquidation of Corporate debtor - fresh infusion of funds - Section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- This Adjudicating Authority is of the view that the contentions raised by MCGM cannot be accepted due to the conflicting and contradictory stands taken by it in the course of hearings. Further, the contention of MCGM relating to expiry of the period of 270 days is untenable and unacceptable for the reason that the Application by the Resolution Professional for the approval of the Resolution Plan has been made well before the expiry of the period of CIRP and the same is in accordance with the provisions of the Code. Therefore, the objec....... + More
- 2019 (10) TMI 543
Maintainability of application - initiation of CIRP - Corporate Debtor defaulted in repayment of loan - Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- The default of debts is well established which meets the requirement of Section 3(11) and (12) of the I & Code to trigger the CIRP in respect of the Corporate Debtor company. It is well established that there is default of debts which comes to ₹ 7,93,88,633/- [Principle amount ₹ 6,55,00,000 + Interest ₹ 1,38,79,633/-], which is in excess of ₹ 1,00,000/. Hence, the present application is found complete as per the provisions of the I & B Code. Application admitted - moratorium declared.
- 2019 (10) TMI 542
Maintainability of petition - initiation of CIRP - Corporate Debtor committed default in paying the operational debt - section 9 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The Liquidator pointed out the valuation report of the assets of the corporate debtor. It is seen that except these equity shares standing in the name of the promoters of the corporate debtor, corporate debtor does not have any assets. Hence, there was no question of sale of their assets to recover and pay the dues of the claimant or the creditor. Section 54 of I&B Code allows this authority to pass order of dissolution of corporate debtor, if the authority comes to the conclusion that the corporate debtor does not own any assets which can be sold for resolving debt. The corporate debtor does not have the assets which could be sold for resolving its....... + More
........
|
