TMI Blog2017 (9) TMI 676X X X X Extracts X X X X X X X X Extracts X X X X ..... It is also evident from the amount claimed that it is quite substantial sum which the Financial Creditor despite repeated notices as well as approaching other forums have not be in a position to recover and this ultimately had made the Financial Creditor Bank to seek and avail the provisions of IBC, 2016 by approaching this Tribunal bringing to light the insolvency of Corporate Debtor. The statutory period fixed is 14 days and in so far as this Tribunal is concerned will operate from the date of listing before this Tribunal. The first date of listing of the matter from the records it is seen is on 5.7.2017 and as stated in the application it was again re-posted to 6.7.2017, on which date this Tribunal was compelled to dismiss the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor against the Corporate Debtor on the ground that the Corporate Debtor has defaulted in the payment of a sum of ₹ 61,99,53,876.79 and in the circumstances it has been forced to file the Insolvency Application as specified above. It is further submitted in the instant application being CA No.06/C-3/2017 that a prayer has been made to restore the petition to its original position which had been dismissed for non-prosecution by this Tribunal vide order dated 6.7.2017. The applicant further states that the insolvency application was filed on 27.6.2017 and thereafter even though enquiries were made with the Registry on 28.6.2017 as well as on 30.6.2017, no specific date of posting was forth coming. However, the applicant submits that on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 3. We have considered the submission made by the Ld. Counsel for the Petitioner as well as averments made in the application and affidavit accompanying it. It is not in doubt that the main insolvency application has been filed by State Bank of India being the Financial Creditor for unleashing the Corporate Insolvency Resolution Process against the Corporate Debtor on 27.6.2017. The amount which is clamed as per the insolvency application filed by the Financial Creditor is stated to be in a sum of ₹ 63,53,44,632.63/-. It is also evident from the amount claimed that it is quite substantial sum which the Financial Creditor despite repeated notices as well as approaching other forums have not be in a position to recover and this ult ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 will not be applicable to IBC,2016 stricto senso as evident from the time period provided therein for an application for restoration is 30 days whereas under IBC, 2016 this Tribunal is required to deal with the application for Insolvency itself within a period of 14 days. However, keeping in view the circumstances and the plea made by the applicant in the application as well as from the date of first posting on 5.7.2017, 14 days period has not expired and also taking into consideration that the applicant bank has acted promptly in filing the application for restoration that too within the said period of 14 days, even taking into consideration the date of presentation, being 27.07.2017, we allow this application and the insolvency appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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