TMI Blog2019 (12) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 of the I B Code was filed subsequently and observed that This Section is of limited application and only bars a corporate debtor from initiating a petition under Section 10 of the Code in respect of whom a liquidation order has been made. From a reading of this Section, it does not follow that until a liquidation order has been made against the corporate debtor, an Insolvency Petition may be filed under Section 7 or Section 9 as the case may be, as has been held by the Appellate Tribunal. The Hon ble Supreme Court further held that under Section 11 only the Corporate Debtor is not eligible to file petition under Chapter II of the I B Code . The application under Section 7 was maintainable and therefore, no interference is call ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of any bar under Section 11 of the I B Code . 4. The 3rd Respondent ( Official Liquidator ) had been appointed as the Liquidator of the Corporate Debtor in Company Petition No. 518 of 2013 vide order dated 12th July, 2018 passed by the Hon ble High Court of Delhi. The citations to this effect were published in the Newspapers namely- Statesman (English) and Veer Arjun (Hindi) on 10th January, 2019. Pursuant to the aforesaid order, the 3rd Respondent took over possession of the Factory of the Company situated at 265, Bhagwanpur Industrial Area, Roorkee, Uttrakhand on 18th August, 2018 and 9 Security Guards for 8 hours shift duty including 1 Gunman of Manasvi Security Agency were deployed for watch and ward of the property. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperties of the Company was taken by the Punjab National Bank in March, 2016. 9. Pursuant to petition of winding up, the Official Liquidator was appointed on 12th July, 2018. The Official Liquidator took the possession from the Punjab National Bank consortium of the mortgaged property land and building at Village Lakeshwari Near Bhagwanpur, measuring 25.82 acres, Roorkee, Haridwar, Uttarakhand along with all the plant, machineries, stocks, goods, etc. on 18th August, 2019. 10. On 1st September, 2018, the Official Liquidator also took the possession from the Punjab National Bank consortium of the mortgaged property land and building at Plot No. 108 109, NEPZ, Noida. It is only thereafter petition under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority and treated as an insolvency petition under the Code. This statutory scheme has been referred to, albeit in the context of Section 20 of the SICA, in our judgment which is contained in Jaipur Metals Electricals Employees Organization Through General Secretary Mr. Tej Ram Meena vs. Jaipur Metals Electricals Ltd. Through its Managing Director Ors., being a judgment by a Division Bench of this Court dated 12.12.2018. 12. The Hon ble Supreme Court further held that under Section 11 only the Corporate Debtor is not eligible to file petition under Chapter II of the I B Code . Referring to Section 11(d), the Hon ble Supreme Court further observed: 21. The resultant position, therefore, is that we agree with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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