9911796707
TMI Blog2020 (7) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, being 42 of 2014 was filed by Forech India Ltd. before the Hon'ble High Court of Delhi. It was held by this Appellate Tribunal that since there was no winding up order by the Hon'ble High Court, the Financial Creditor's petition would be maintainable. As a result of this the Appellant's Appeal was dismissed. The case of the Appellant is covered by the decision of the Hon'ble Supreme Court in Forech India Ltd., therefore, the Application under section 7 of the I B code filed by the Respondent - SERI Equipment Finance Limited is not maintainable - Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 1434 of 2019 - - - Dated:- 7-2-2020 - Justice S.J. Mukhopadhaya, Chairperson Bansi Lal Bhat And Venugopal M., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt in Civil Appeal No.6814/2018, which is still pending. Therefore, according to the Learned Counsel application under section 7 or 9 of the I B Code can be filed and entertained after admission of the winding up petition. 3. The similar issue fell for consideration before the Hon'ble Supreme Court in Forech India (P.) Ltd. v. Edelweiss Assets Reconstruction Co. Ltd. [2019] 101 taxmann.com 451/152 SCL 145. In the said case, the Hon'ble Supreme Court noticed the pendency of the Application under sections 433 and 434 of the Companies Act, 1956 and winding up petition, being 42 of 2014 was filed by Forech India Ltd. before the Hon'ble High Court of Delhi. In the said case, the notice was issued. The Forech India Ltd. took plea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is section is of limited application and only bars a corporate debtor from initiating a petition under section 10 of the Code in respect of whom a liquidation order has been made. From a reading of this section, it does not follow that until a liquidation order has been made against the corporate debtor, an Insolvency Petition may be filed under section 7 or section 9 as the case may be, as has been held by the Appellate Tribunal. Hence, any reference to Section 11 in the context of the problem before us is wholly irrelevant. However, we decline to interfere with the ultimate order passed by the Appellate Tribunal because it is clear that the financial creditor's application which has been admitted by the Tribunal is clearly an independ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
