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TMI Blog2017 (10) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... any and manage the affairs of the Company. In the light of aforesaid order, it is now not necessary to go into the merits of the Present Company Petition and to deal with and determine the status of applicants as of Financial Creditors / Operation Creditors as the case may be and their eligibility for filing the present application under Section 7 of the Insolvency and Bankruptcy Code, before this Court. Considering the above stated factual/legal position in the matter we feel the present Company Petition now becomes infructuous. The legal issue, which is subject matter of the present petition on the status of fixed depositors as 'Financial Creditors' can be dealt with by this Court in appropriate case on some other occasion. Hence, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /Corporate Debtor Company raising preliminary objection to the maintainability of the present petition and on locus standi of the present petitioner as 'Financial Creditor' in terms of the Section 5(7) of the Code. It has been contended on behalf of the Corporate Debtor Company that the subject matter of present petition does not fall within ambit and scope of the Insolvency Bankruptcy code. Hence the present Company Petition is liable to be rejected on such ground. The Respondent/Corporate Debtor counsel further contends that, it cannot be said that the company has committed any 'default' in making payment of its deposits as this bench of NCLT, in exercise of its powers vested in under Section 74(2) of the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present petition on the status of fixed depositors as 'Financial Creditors' can be dealt with by this Court in appropriate case on some other occasion. Hence, such issue is kept open. The present petition is being disposed of as become infructuous. Notwithstanding the above, before parting with the present case, and in order to provide substantial Justice to the party concern, we feel appropriate to observe as such that the position of the present Petitioners is undisputedly as of stakeholders. Therefore, the IRP appointed by this Court (in the above referred matter) in respect of the Corporate Debtor Company is equally expected to consider and take care of interest of petitioners along with other Creditors/ stake holder (e.g. h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is triggered; a collective mechanism for resolving insolvency within a framework of equity and fairness to all stakeholders to preserve economic value in the process; a time bound process either ends in keeping the firm as a going enterprise, or liquidates and distributes the assets to the various stakeholders. These features are common across widespread differences in structure and content, present either through statutory provisions or their implementation in practice these feature unsure certainly Debt Market Corporate. BSLR Committee further chose the following principles to design new insolvency and bankruptcy resolution framework, which may be reproduced hereunder; Principles driving the design I. The Code will facili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in resolution and recovery during bankruptcy compared with the phase of insolvency resolution. The above mentioned suggestions of the BSLR to the great extent, have been incorporated in the I B Code which is evident from its Preamble, which is reproduced hereunder: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bond manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alternation in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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