Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 920 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - statutory form No. 6 as prescribed by sub-rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- On perusal of the petition goes to show that it is complete in all respect. Further, admittedly, M/S. UIC Corporation Private Limited is liable to pay financial debt to its financial creditors including State Bank of India and Union Bank of India. No other objection has been raised by the financial creditors. The material on record clearly establish the financial debt is due from the corporate debtor to financial creditor and occurrence of debt by the corporate debtor in payment of financial debt. Under Section 10 of the Code the Adjudicating Authority is not empowered to go beyond the record as prescribed under section 10 and the information is required to be submitted in form 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section Il and if all the information is provided by the corporate debtor as also the mandatory requirements under Section 10 and form No. 6 are complete then it is to be admitted if otherwise not ineligible under Section Il. Admittedly, M/S. UIC Corporation Private Limited is liable to pay financial debts to its Financial Creditors including the Union Bank of India. No other objection has been raised by the Financial Creditors or by any other person. The materials on record clearly establish that financial debt is due from the Corporate Debtor to the Financial Creditors and there is occurrence of debt by the Corporate Debtor in repayment of financial debt - this Adjudicating Authority is of the considered view that this is a fit case to be admitted for triggering Corporate Insolvency Resolution Process and accordingly this petition is admitted under Section IO(4)(a) of the Code. The Interim Insolvency Resolution Professional is hereby directed to cause a public announcement of the initiation of 'Corporate Insolvency Resolution Process' and call for submission of claims under Section 13(I)(b) read with Section 15 of the Code and Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - application disposed off.
|