Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 951 - AT - Insolvency and BankruptcyCorporate insolvency process - no issue of notice - Held that:- Admittedly, no notice was issued under sub-section (1) of Section 8 of the ‘I&B Code’. In terms with Rule 5, other informations were also not placed before the Adjudicating Authority. The 1st Respondent (‘Operational Creditor’) having failed to provide all the details as required under Form-5 as noticed above, the application under sections 433 and 434 of the Companies Act, 1956 cannot be treated to be an application under section 9 of the ‘I&B Code’ in terms of Rule 5 of Transfer Rules, 2016. For such failure to provide the information, in view of proviso to Rule 5 of the Transfer Rules, the application under Sections 433 and 434 of the Companies Act, 1956 filed by 1st Respondent stands abated. For the reasons aforesaid, while we set aside the impugned order dated 12th October, 2017 passed by the Adjudicating Authority, Chennai also declare that the application preferred by the 1st Respondent under Sections 433 and 434 of the Companies Act, 1956 stood abated.
|