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TMI Blog2018 (3) TMI 1829X X X X Extracts X X X X X X X X Extracts X X X X ..... ED [ 2018 (2) TMI 1736 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL] where it was held that as admittedly the High Court has already admitted the winding up proceedings and ordered for winding-up of the Respondent- Corporate Debtor , we hold that the question of initiation of Corporate Insolvency Resolution Process against same Corporate Debtor does not arise. There are no merit in this appeal - appeal dismissed. - Company Appeal (AT) (Insolvency) No. 83 of 2018 - - - Dated:- 12-3-2018 - Justice S.J. Mukhopadhaya (Chairperson) AND Justice Bansi Lal Bhat, Member (Judicial) For the Appellant : Mr. P.V Dinesh and Mr. Rajendra Beniwal, Advocates. ORDER The Appellant- State Bank of India ( Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of Corporate Debtor, no application under Section 10 can be filed by the Corporate Applicant in view of ineligibility under Section 11(d) of I B Code, as quoted below: 11. Persons not entitled to make application The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:- (a) a corporate debtor undergoing a corporate insolvency resolution process; or (b) a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; or (c) a corporate debtor or a financial creditor who has violated any of the terms of resolution plan w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation under the Insolvency and Bankruptcy Code, 2016, as applicable. 31. By aforesaid amendment, the legislatures have made it clear that the word winding up mentioned in the Companies Act, 2013 is synonymous to the word liquidation as mentioned in the I B Code. 32. In view of the provisions aforesaid, we hold that, if any winding up proceeding has been initiated against the Corporate Debtor by the Hon ble High Court or Tribunal or liquidation order has been passed, in such case the application under Section 10 is not maintainable. However, mere pendency of a petition for winding up, where no order of winding up or order of liquidation has been passed, cannot be ground to reject the application under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion under Section 7 or Section 9 against the same very Corporate Debtor does not arise, as it is open to the Financial Creditor and the Operational Creditor to make claim before the Insolvency Resolution Professional/Official Liquidator. 9. Similarly, one may argue that in case where winding up proceeding has been ordered by the Hon ble High Court and thus stands initiated, where is the question of filing an application under section 7 or 9 or initiation of Corporate Insolvency Resolution Process, which, on failure ultimately culminates into liquidation proceedings (winding up proceedings)? The argument can be that once second stage i.e. liquidation (winding up) proceedings has already initiated, the question of reverting b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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