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2017 (10) TMI 517 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Whether the present CP is maintainable since the Petitioner has already resorted proceedings for recovery of the debt in question - Held that:- It is not the case of the Petitioner that the Respondent is unable to pay debt or it is insolvent for the same. While demanding to pay the loan in question, the petitioner is filing cases as stated supra, to prevent the respondent to pay the debt, after selling flats in question and, it is also not accepting the registration of Flats in its favour or it nominee. Admittedly, each flat in question is worth ₹ 40 lakhs at market value and there is absolutely no difficulty for the Respondents to pay the amount. However, the Petitioner for the reason best known to him is not interested to get the money back but only interested to initiate malicious litigations by way of filing civil suit, criminal cases and also case under NI Act as mentioned above. There is no question of insolvency involved in this case as mentioned above and thus, there cannot be any resolution of insolvency process. The present petition is filed for purpose other than the resolution of insolvency as mentioned in Section 65. Therefore, the present proceedings must be held to be a maliciousone and it is liable to be dismissed with cost. It is to relevant to mention here that as per Section 63 of IBC, 2016, no civil court or authority has jurisdiction to entertain any suit or proceedings in respect of any matter on which NCLT or NCLAT has jurisdiction under this Code. Knowing very well that IBC came to force, and only single cause of action arise in the instant case, i.e. Payment of short term loan of ₹ 2.5 Crore, the petitioner has resorted to civil and criminal course of action as stated supra. The instant Company petition is not maintainable and it is liable to be dismissed.
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