Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2017 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 1371 - Tri - Companies LawCorporate insolvency process - corporate debtor has filed objection mainly on the ground that the application does not contain any signature of the authorized person to act on behalf of the financial creditor - Held that:- If a person has already given notice under SARFAESI Act, then there will be no bar for initiating corporate insolvency resolution process under I & B Code, 2016. It is also pertinent to mention that I & B Code, 2016 has the overriding effect over other laws and after the admission of the proceeding under I & B Code, 2016 other proceeding anywhere shall be stayed as per the provision of moratorium u/ s Sec. 13 and 14 of the I & B Code. Therefore, by issuing a notice under Sec. 13(2) of the SARFAESI Act, will not have any adverse effect on the competency of a petition filed by the applicant for initiation of corporate insolvency resolution process. The financial creditor has proposed the name of Mr. Arun Kumar Gupta, who is competent to work as IRP. No disciplinary proceeding is pending against him. Therefore, he also deserves to be appointed as Interim Resolution Professional. The petition filed by the financial creditor under Sec. 7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in Sec. 13 of the IBC, 2016. The moratorium is declared for the purposes referred to in Sec. 14 of the Insolvency & Bankruptcy Code, 2016.
|