NCLT Allahabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against M/s. LDR Developers Private Limited [Corporate Debtor] admitted as debt and default proved.
Application filed by Canara Bank under Section 7 of the Code read with Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP citing the default payment of a debt amount beyond Rs. 1 Crore as evident from the Form-C and Form-D of the NeSL certificate, from the loan account statement of S.S. Aluminium Private Limited, Corporate Debtor maintained by the Financial Creditor and from the acknowledgement of debt instrument executed by the Respondent was admitted.
NCLT Mumbai held that application u/s. 10 of Insolvency and Bankruptcy Code seeking own Corporate Insolvency Resolution Process [CIRP] is admitted as the Corporate Applicant is in default of a debt due. Accordingly, writ petition allowed.
NCLT Mumbai held that application u/s. 9 of IBC for initiation of Corporate Insolvency Resolution Process [CIRP] against M/s. Kute Sons Dairys Limited [Corporate Debtor] admitted as debt and default thereon established.
NCLT Mumbai held that initiation of liquidation of Corporate Debtor in terms of section 33(2) of the Insolvency and Bankruptcy Code admitted as members of CoC having 66.29% voting share approved resolution to initiate liquidation.
NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Code against Corporate Debtor [Quanteco World Limited] for initiation of Corporate Insolvency Resolution Process [CIRP] is admissible since debt and default duly established.
NCLT Cuttack held that a pre-existing dispute cannot be a bar for admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. Accordingly, CIRP application against S.S. Aluminium Private Limited admitted as debt and default established.
NCLT Cuttack held that application for initiation of Corporate Insolvency Resolution Process [CIRP] under section 7 of the Insolvency and Bankruptcy Code [IBC] admitted against Corporate Debtor [Fortune Spirit Limited] as debt and default in payment of debt duly proved.
Corporate Debtor had defaulted in repayment of financial debt to the Applicant and such default was well over the minimum threshold of Rs. 1 crore, as prescribed u/s 4 of the Code. The application filed u/s 7 of the Code was complete and there were no disciplinary proceedings pending against the proposed resolution professional.
NCLT Delhi held that application filed u/s. 12A of Insolvency and Bankruptcy Code [IBC] for withdrawal of CIRP allowed as unconditional consent accorded by the sole Financial Creditor. Accordingly, application allowed.
