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TMI Blog2019 (2) TMI 1116X X X X Extracts X X X X X X X X Extracts X X X X ..... a Ltd.' filed petition under Section 433 (e) & (f) read with Section 434 of the Companies Act, 1956 before the Hon'ble High Court of Bombay for winding up of 'Neelkanth Mansions and Infrastructure Pvt. Ltd.'- ('Corporate Debtor') on the ground that the 'Corporate Debtor' defaulted in making repayment of Rs. 54,86,09,635 with interest @ 15% p.a. as on 15th August, 2016 till its realization. 2. After the enactment of the Insolvency and Bankruptcy Code, 2016 ('I&B Code' for short), the case was transferred from the Hon'ble High Court of Bombay to the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, pursuant to Rule 5 which relates to "Transfer of pending proceedings of Winding up on the ground of inability to pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of rates mentioning the timeline of 12 months within which that work should be completed. While this work was in progress, the 'Neelkanth Mansions and Infrastructure Pvt. Ltd.' filed Suit No. 830/2010 on 17th March, 2010 before the Hon'ble High Court of Bombay against various persons including the Appellant as Defendant No-10 seeking relief against the Appellant in respect to 22 flats wrongly transferred by 'Treetop' (the company belonging to the Appellant). 6. Further, the case of the Appellant was that during the suit was pending, these three partners i.e. 'Neelkanth Mansions and Infrastructure Pvt. Ltd.' and other two partners including the company belonging to the Appellant on 2nd and 18th July, 2011 entered into consent terms with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a body of individuals carrying on business in partnership whether or not registered under Section 59 of the Indian Partnership Act, 1932, therefore, according to him, a definition make it abundantly clear that only when a firm is comprised of individuals, that is to say natural persons only, the provisions of Part III of the 'I&B Code' will get attracted. In case, two or more persons (whether artificial or legal) and who are not individuals, are carrying on a business in partnership, then application for insolvency resolution against such partnership cannot be entertained by the Adjudicating Authority due to lack of jurisdiction. In that view of the matter, the application under Section 9 was filed against one of the partner which is a le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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