TMI Blog2018 (3) TMI 1811X X X X Extracts X X X X X X X X Extracts X X X X ..... he petitioners unit will be taken over as per the provisions of Sections 16 and 17 of the Insolvency and Bankruptcy Code, 2016. It is also not disputed that a proceeding has been initiated under Section 10 of the aforesaid Code. Issue notice to the opposite parties by Speed Post, making it returnable within a period of three weeks, indicating that the matter shall be disposed of at the stage of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code (IBC). In particular, it was brought to the notice of the Court, the IAC recommended for IBC reference of all accounts with fund and non-fund based outstanding amount greater than ₹ 5,000 crores with 60% or more classified as non-performing by banks as of March 31, 2016. As regards the other non-perf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appropriate order of interim protection is not granted, the petitioners unit will be taken over as per the provisions of Sections 16 and 17 of the Insolvency and Bankruptcy Code, 2016. It is also not disputed that a proceeding has been initiated under Section 10 of the aforesaid Code. In that view of the matter, issue notice to the opposite parties by Speed Post, making it returnable with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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