TMI Blog2017 (11) TMI 1621X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor to file an application for Corporate Insolvency Resolution Process against the Corporate Debtor. For the reasons aforesaid, the objection raised by the appellant that petition under Section 7 is not maintainable against the Corporate Debtor because of pendency of some applications for winding up cannot be accepted. - Company Appeal (AT) (Insolvency) No. 202 of 2017 - - - Dated:- 23-11-2017 - S.J. Mukhopadhaya And Bansi Lal Bhat, JJ. For Appellant : Ms. Purti Marwaha and Ms. Henna George, Advocates For Respondent : Ms. Misha and Shri Shantanu Chaturvedi, Advocates ORDER An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code ) was filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Persons not entitled to make application - The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:- (a) a corporate debtor undergoing a corporate insolvency resolution process; or (b) a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; or (c) a corporate debtor or a financial creditor who has violated any of the terms of resolution plan which was approved twelve months before the date of making of an application under this Chapter; or (d) a corporate debtor in respect of whom a liquidation order has been made. Explanation.- For the purposes of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016, as applicable. 6. Therefore, it is clear that the winding up under the Companies Act, 2013 has been treated to be liquidation under the I B Code. 7. There is no provision under the I B Code which stipulate that if a winding up or liquidation proceeding has been initiated against the Corporate Debtor, the petition under Section 7 or Section 9 against the said Corporate Debtor is not maintainable. 8. However, if a Corporate Insolvency Resolution has started or on failure, if liquidation proceeding has been initiated against the Corporate Debtor, the question of entertaining another application under Section 7 or Section 9 against the same very Corporate Debtor does not arise, as it is open to the Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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