2017 (9) TMI 1846 - Tri - Insolvency and Bankruptcy

Admissibility of petition - Initiation of Corporate Insolvency Resolution Process -Section 9 of the Insolvency Bankruptcy Code 2016 - HELD THAT - The petitioner company i.e. Tecpro Systems Limited is already undergoing insolvency process as is evident from the order passed by the Principal Bench NCLT on 07.08.2017 - A petition by such an entity is barred by Section 11 (i) of the IBC 2016. Petition cannot be entertained - petition dismissed.

Summary

The judgment by the National Company Law Tribunal, New Delhi, in 2017 (9) TMI 1846 stated that an application under Section 9 of the Insolvency & Bankruptcy Code was filed to trigger insolvency against the respondent, Tecpro Systems Limited. However, since Tecpro Systems Limited was already undergoing insolvency process, the petition was dismissed as it was barred by Section 11 (i) of the IBC, 2016.