9911796707
TMI Blog2018 (4) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-2-2018 - Mr. S. J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellants : Mr. Summet Anand, Advocate ORDER The Applicant has preferred the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against M/s Adel Landmarks Ltd. The Adjudicating Authority (National Company Law Appellate Tribunal), New Delhi Bench by impugned order dated 18th September, 2017 dismissed the application in view of pendency of winding up proceedings before the Hon ble High Court, New Delhi in C.P. No.312 of 2016. 2. Similar issue fell for consideration before this Appellate Tribunal in M/s. Unigreen Global Private Limited Vs. Punjab National Bank Ors.γ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor. 29. In view of the aforesaid provision where a winding up proceeding has already been initiated under the Companies Act, 1956 / 2013 by the Hon ble High Court such cases have not been transferred to National Company Law Tribunal, pursuant to Companies (Transfer of Pending Proceedings) Rules, 2016 , framed by the Central Government. 30. Clause (d) of Section 11 refers to liquidation order , against a Corporate Debtor. The word winding up has not been mentioned therein. For the said reason by Section 255 read with Schedule 11 of the I B Code, in Section 2 of the Companies Act, 2013 for clause (23), the following clause has been substituted: 1. In section 2,- (a) for clause (23), the following clause shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration before this Appellate Tribunal in Forech India Pvt. Ltd. Vs. Edelweiss Assets Reconstruction Company Ltd. Anr. ─ Company Appeal (AT) (Insolvency) No. 202 of 2017 , wherein this Appellate Tribunal by judgment dated 23rd November, 2017 observed as follows: 7. There is no provision under the I B Code which stipulate that if a winding up or liquidation proceeding has been initiated against the Corporate Debtor, the petition under Section 7 or Section 9 against the said Corporate Debtor is not maintainable. 8. However, if a Corporate Insolvency Resolution has started or on failure, if liquidation proceeding has been initiated against the Corporate Debtor, the question of entertaining another application ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
