2024 (2) TMI 1424 - Tri - Insolvency and Bankruptcy

Dismissal of petition for non-compliance with the order u/s 94(4) (5) of IBC - it is pointed out by learned counsel for the Petitioner that he has already filed the affidavit in compliance with the order, but the same was not taken on record because of the non-appearance of the petitioner before the Court - HELD THAT - It is pointed out by learned counsel for the Respondent-Corporate Bank-IDBI that the mortgaged property of the Petitioner is being put for auction under the provisions of the SARFAESI Act, 2002 but because this interim moratorium has been misused by the petitioner for the last three years and there is no need to adjourn the matter again. There is no reason to again adjourn the matter for necessary compliance. Thus, the present petition is dismissed for non-compliance.

Summary

The petition filed in 2021 was dismissed for non-compliance with the order dated 06.05.2022 under Section 94(4) & (5) of the Code. The petitioner failed to appear before the Court or file the required documents. The mortgaged property is being auctioned under the SARFAESI Act, 2002. The petition was dismissed without imposing costs on the petitioner's counsel.