2018 (1) TMI 1681 - Tri - Insolvency and Bankruptcy

Maintainability of petition - Corporate Debtor is proceeded ex parte - Corporate Debtor is already under the CIR process - HELD THAT - It has been submitted by the Applicant that in the event the order dated 15.01.2018 is challenged/set aside by the higher Courts, then the Applicant will be remediless. Therefore, in the event the order dated 15.01.2018 is challenged/set aside, the Applicant is given liberty to revive the Petition. Application disposed off.

Summary

The Tribunal found the service of notice to the Corporate Debtor sufficient as per the order. The Corporate Debtor did not appear, so the case proceeded ex parte. The Applicant was directed to file a claim before the Insolvency Resolution Professional (IRP). The Applicant was given liberty to revive the petition if the previous order was challenged or set aside. The application was disposed of accordingly.