The appeal was filed by Edelweiss Finvest Private Limited against the order dated 8th January, 2018, whereby the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) preferred by Ramswarup Industries Limited (Corporate Applicant/Corporate Debtor) was admitted. The appellant argued that a winding-up application under Sections 433 and 434 of the Companies Act, 1956, was already filed against the Corporate Debtor in 2009 before the Calcutta High Court. The appellant contended that the Adjudicating Authority failed to consider the pending winding-up proceeding and admitted the application under Section 10 of the I&B Code, which was not maintainable.
Edelweiss Finvest Private Limited filed an appeal against the admission of an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Ramswarup Industries Limited (Corporate Debtor). A winding-up petition against the Corporate Debtor was pending before the Calcutta High Court since 2009. The Calcutta High Court had passed orders regarding the Corporate Debtor's admitted debt of Rs. 9,46,23,000/- and a payment schedule. The Corporate Debtor had also made a reference to the 'Board of Industrial & Financial Reconstruction' (“BIFR”) under Section 15 (1) of the ‘Sick Industrial Companies (Special Provisions) Act, 1985'. The appellant argued that the application under Section 10 was not maintainable due to the pending winding-up
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A winding-up application was filed against the…
The Calcutta High Court noticed that the…
The appeal was filed by Edelweiss Finvest Private Limited against the order dated 8th January, 2018, whereby the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) preferred by Ramswarup Industries Limited (Corporate Applicant/Corporate Debtor) was admitted. The appellant argued that a winding-up application under Sections 433 and 434 of the Companies Act, 1956, was already filed against the Corporate Debtor in 2009 before the Calcutta High Court. The appellant contended that the Adjudicating Authority failed to consider the pending winding-up proceeding and admitted the application under Section 10 of the I&B Code, which was not maintainable.
Edelweiss Finvest Private Limited filed an appeal against the admission of an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Ramswarup Industries Limited (Corporate Debtor). A winding-up petition against the Corporate Debtor was pending before the Calcutta High Court since 2009. The Calcutta High Court had passed orders regarding the Corporate Debtor's admitted debt of Rs. 9,46,23,000/- and a payment schedule. The Corporate Debtor had also made a reference to the 'Board of Industrial & Financial Reconstruction' (“BIFR”) under Section 15 (1) of the ‘Sick Industrial Companies (Special Provisions) Act, 1985'. The appellant argued that the application under Section 10 was not maintainable due to the pending winding-up
…A winding-up application was filed against the…
The Calcutta High Court noticed that the…