TMI Blog2018 (6) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of the aforesaid finding, we are not inclined to interfere with the impugned order. In absence of any merit, the appeal is dismissed. - Company Appeal (AT) (Insolvency) No. 252 of 2018 - - - Dated:- 30-5-2018 - Mr. S.J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Mr. Rajiv Nayar, Senior Advocate assisted by Mr. Manik Dogra, Ms. Sonali Jaitley, Mr. Jaiyesh Bakshi, Mr. Shyam Kumar, Mr. Palash Singhal and s. Sanya Kapoor, Advocates ORDER The appellant Indiabulls Housing Finance Ltd. preferred an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code ) for initiation of Corporate Insolvency Resolution Process against Shree Ram Urba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 can be filed by the Corporate Applicant in view of ineligibility under 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 applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or liquidation under the Insolvency and Bankruptcy Code, 2016, as applicable. 31. By aforesaid amendment, the legislatures have made it clear that the word winding up mentioned in the Companies Act, 2013 is synonymous to the word liquidation as mentioned in the I B Code. 32. In view of the provisions aforesaid, we hold that, if any winding up proceeding has been initiated against the Corporate Debtor by the Hon ble High Court or Tribunal or liquidation order has been passed, in such case the application under Section 10 is not maintainable. However, mere pendency of a petition for winding up, where no order of winding up or order of liquidation has been passed, cannot be ground to reject the application under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. 9. Similarly, one may argue that in case where winding up proceeding has been ordered by the Hon ble High Court and thus stands initiated, where is the question of filing an application under section 7 or 9 or initiation of Corporate Insolvency Resolution Process, which, on failure ultimately culminates into liquidation proceedings (winding up proceedings)? The argument can be that once second stage i.e. liquidation (winding up) proceedings has already initiated, the question of reverting back to the first stage of Corporate Insolvency Resolution Process or preparation of Resolution plan does not arise. One can appreciate such stand which can be decided in an appropriate case, but such issue being not involved in the present c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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