2019 (1) TMI 1646

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..... a whole some misuse of the process of the Insolvency Bankruptcy proceeding as there cannot be any stay of CIRP proceedings after admission unless there is settlement between the parties with due approval of the CoC by 90% voting share as is provided in Section 12(A) of the Insolvency Bankruptcy Code. The application is dismissed with cost of ₹ 25,000/- to be deposited in the Prime Min .....

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..... in favour of the Respondent. For initiation of Corporate Insolvency Resolution Process, the Respondent- Financial Creditor relied on the Assignment Agreement dated 17th April, 2015. The Corporate Debtor has not disputed the fact that there is a debt due in law and fact and they defaulted in paying the dues. It is not the case of the Corporate Debtor that there is no debt in law or in fact. .....

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..... ost. A perusal of the aforesaid paras shows that the appeal has been considered on merit and the same has been dismissed. How this application has been filed is not understood. It is in fact a whole some misuse of the process of the Insolvency Bankruptcy proceeding as there cannot be any stay of CIRP proceedings after admission unless there is settlement between the parties with .....

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