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 940 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Default of the Respondent Company in clearing the debt - Section 9 of the Insolvency and Bankruptcy Code, 2016 - existence of debt and default or not? - HELD THAT:- It is significant to note that despite opportunities given to the parties, they could not reconcile the accounts. The Applicant vide his additional affidavit has furnished the details of the payment made by the JV and it is shown that the payment has been accounted for the purchase orders placed by the JV itself. The Respondent Company has not provided conclusive proof for settlement of the dues raised by the Applicant company, despite opportunities for reconciliation of accounts, it is held that the amount claimed by the Applicant is due by the Respondent to the Applicant. Whether the pendency of winding up petition in the Hon'ble High Court is a bar to initiate CIRP of the Respondent Company? - HELD THAT:- In the instant case the Hon'ble High Court has kept the appointment of an Official Liquidator in abeyance. Hence, we are of the view that there is no bar to initiation of CIRP of the Respondent Company. The application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date.
|