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2018 (9) TMI 595 - CALCUTTA HIGH COURTWinding up application - company is commercially insolvent - application filed by the said bank under Section 7 of the IBC, 2016 against the company has not yet been listed - Held that:- In the present case, the company has been contesting the winding up application, and it has filed in its affidavit-in-opposition. Even the petitioning creditor has also filed its affidavit-in-reply. The winding up application was ready for hearing and the learned counsel appearing for the petitioning creditor has made his arguments. Whereas, the application filed by the said bank under Section 7 of the IBC, 2016 against the company has not yet been listed before the NCLT and, as such, the question of admission of the said application under Section 7(5) of IBC, 2016 has not arisen. In any event, there is no certainty that the said application by the bank shall be admitted by the NCLT. For all the foregoing reasons, thus find merit in the contentions made by the petitioning creditor not to entertain the prayer made by the company in this application. Accordingly, the application stands rejected.
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