The case involves a writ petition filed in the High Court of Karnataka at Bengaluru concerning proceedings under the Insolvency and Bankruptcy Code (IBC). The petitioner, Mr. Baaskaran, challenges the continuation of corporate insolvency resolution process (CIRP) against a corporate debtor, arguing that it falls within the prohibited period under Section 10A of the IBC. The Registrar of the National Company Law Tribunal (NCLT), Bangalore Bench, ACE Enviro Tech Pvt. Ltd., and Mr. Venkata Subbarao Kalva, the Interim Resolution Professional (IRP), are the respondents.
Mr. Baaskaran, a director of Tarun Realtors Private Limited, filed a writ petition challenging the continuation of CIRP against a corporate debtor. The Registrar of NCLT Bangalore, ACE Enviro Tech Pvt. Ltd., and the IRP, Mr. Venkata Subbarao Kalva, are the respondents. The petitioner argues that the CIRP initiation is barred by Section 10A of the IBC, as the default falls within the prohibited period. The petitioner's counsel argued that no notice of demand was served, and even if served, the sum due would amount to a default only after ten days, as stipulated under Section 9 of the IBC. The respondent's counsel requested time, indicating a likelihood of settlement. The key fact is the applicability of Section 10A of the IBC, which suspends CIRP initiation for defaults
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Writ petition filed in…
The High Court ordered…
The case involves a writ petition filed in the High Court of Karnataka at Bengaluru concerning proceedings under the Insolvency and Bankruptcy Code (IBC). The petitioner, Mr. Baaskaran, challenges the continuation of corporate insolvency resolution process (CIRP) against a corporate debtor, arguing that it falls within the prohibited period under Section 10A of the IBC. The Registrar of the National Company Law Tribunal (NCLT), Bangalore Bench, ACE Enviro Tech Pvt. Ltd., and Mr. Venkata Subbarao Kalva, the Interim Resolution Professional (IRP), are the respondents.
Mr. Baaskaran, a director of Tarun Realtors Private Limited, filed a writ petition challenging the continuation of CIRP against a corporate debtor. The Registrar of NCLT Bangalore, ACE Enviro Tech Pvt. Ltd., and the IRP, Mr. Venkata Subbarao Kalva, are the respondents. The petitioner argues that the CIRP initiation is barred by Section 10A of the IBC, as the default falls within the prohibited period. The petitioner's counsel argued that no notice of demand was served, and even if served, the sum due would amount to a default only after ten days, as stipulated under Section 9 of the IBC. The respondent's counsel requested time, indicating a likelihood of settlement. The key fact is the applicability of Section 10A of the IBC, which suspends CIRP initiation for defaults
…Writ petition filed in…
The High Court ordered…