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TMI Blog2017 (10) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... s jointly to initiate Corporate Insolvency Resolution Process on such ground that the Corporate Debtor company M/s Jaypee Infratech Ltd, commits default in making payment of their maturity amount of the fixed deposits, even after maturity periods and due date of payment, has now become due. The total outstanding amount on the petitioner's FD's is stated to have been defaulted is Rs. 85,79,105/- (inclusive interest of Rs. 13,68,445/-). The details particulars about the FD's, due date of its payment/or amount of payment are described in the synopsis and dates of events of the present petition. The petitioners, who made their fixed deposits with the respondent Corporate Debtor Company, claim their status as such of 'Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... velopment this bench vide its order dated 9.8.2017 passed in CP(IB) No.77/ALD/2017. IDBI Bank Ltd. v. Jaypee Infratech Ltd. in respect of the same Corporate Debtor Company has already initiated Corporate Insolvency Resolution Process and appointed an Interim Resolution Professional Shri Anuj Jain by directing him to take over the management of Company and manage the affairs of the Company. In the light of aforesaid order, it is now not necessary to go into the merits of the Present Company Petition and to deal with and determine the status of applicants as of Financial Creditors / Operation Creditors as the case may be and their eligibility for filing the present application under Section 7 of the Insolvency and Bankruptcy Code, before thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rket to promote efficiency and growth. 2. Maximisation of value of assets. 3. Striking a balance between liquidation and reorganisation. 4. Ensuring equitable treatment of similarly situated creditors. 5. Provision of timely, efficient and impartial resolution of insolvency. 6. Preservation of the insolvency estate to allow equitable distribution to creditors. 7. Ensuring a transparent and predictable insolvency law that contains incentives for gathering and dispensing information. 8. Recognition of existing creditor rights and establishment of clear rules for ranking priority of claims. 9. Establishment of a framework for cross-border insolvency. These principles are derived from three core features that most well develope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... met in any negotiated solution. V. The Code will respect the rights of all creditors equally. The law must be impartial to the type of creditor in counting their weight in the vote on the final solution in resolving insolvency. VI. The Code must ensure that, when the negotiations fail to establish viability, the outcome of bankruptcy must be binding. VII. The Code must ensure clarity of priority, and that the rights of all stakeholders are upheld in resolving bankruptcy. The law must clearly lay out the priority of distributions in bankruptcy to all stakeholders. The priority must be designed so as to incentivise all stakeholders to participate in the cycle of building enterprises with confidence. While the law must incentivise collec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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