CIRP initiated as Corporate Debtor admitted its liability

Mahi Buildhome Private Limited Vs Unibera Developers Private Limited (NCLT Delhi)

NCLT Delhi ordered to initiate Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, as the Corporate Debtor duly admitted the liability.

Facts- M/s. Mahi Buildhome Private Limited ( ‘Applicant/Operational Creditor’) has filed the present petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘IBC, 2016’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Unibera Developers Private Limited (‘Respondent’).

Conclusion- Held that the Corporate Debtor (Respondent) has admitted its liability before this Tribunal, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code.

FULL TEXT OF THE NCLT DELHI JUDGMENT/ORDER

Please become a Premium member. If you are already a Premium member, login here to access the full content.