TMI Blog2018 (2) TMI 1221X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2017 - - - Dated:- 11-1-2018 - Mr. S.J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Shri Dhruv Mishra, Advocate For The Respondent : Ms. Ritu Singh, Advocate ORDER The appellant, Krishna Kraftex Pvt. Ltd. (Corporate applicant) preferred an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code ) for its insolvency resolution process. The Adjudicating Authority (National Company Law Tribunal), New Delhi rejected the application with the following observations : 8. The Petitioner has failed to produce any evidence to show that a claim has been lodged with the Petitioner Corporate Debtor and is lying unpaid. However, Ld. Counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant submits that the application under Section 10 is complete, there is no defect therein. It is further submitted that no winding up proceedings is pending against the appellant and the appellant is not covered by the ineligibilities prescribed under Section 11 of the I B Code. 3. Learned counsel appearing on the 7th Respondent submits that the 7th Respondent is a Financial Creditor and has no objection for imitation of Corporate Insolvency Resolution Process against the Corporate Applicant. 4. Similar issue came for consideration before this Appellate Tribunal in M/s. Unigreen Global Private Limited vs. Punjab National Bank and others Company Appeal (AT) (Insolvency) 81/2017. In the said case, this Appellate Tribunal by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not empower the Adjudicating Authority to go beyond the records as prescribed under Section 10 and the informations as required to be submitted in Form 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section 11. If all informations are provided by an applicant as required under Section 10 and Form 6 and if the Corporate Applicant is otherwise not ineligible under Section 11, the Adjudicating Authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 11(d) of I B Code, as quoted below: 11. 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 liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
