Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 730 - Tri - Insolvency and BankruptcyCorporate insolvency process - Default in repayment of the outstanding amount - Admission of winding up petition - Held that:- Prior admission stage of pendency of winding up proceeding against corporate debtor under the Companies Act, 1956 cannot come in the way of the Code. In the present case the applicant vide affidavit dated 01.03.2018 has affirmed that till date no order of liquidation or admission of winding up petition has been passed by Hon’ble High Court of Rajasthan in the pending winding up petition and that no provisional liquidator or official liquidator has been appointed. In that view of the position there is no bar for initiation of Corporate Insolvency Resolution Process against the respondent corporate debtor under the provisions of the Code. There is no dispute that the respondent company has committed default in repayment of the outstanding amount. Moreover, the application of the financial creditor is complete and there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been a default in payment of the financial debt - in terms of Section 7 (5) (a) of the Code, the present application is admitted.
|