Innoventive Industries Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Kumar Motors Private Limited, alleging default in repayment of Rs. 24,06,52,849.50/- along with interest. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, rejected the application due to the pendency of winding-up proceedings against Kumar Motors Private Limited and left open the question of whether the application was barred by limitation or Section 11(a) of the I&B Code or due to the pendency of arbitration proceedings. This appeal was filed against that rejection.
Innoventive Industries Limited (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Kumar Motors Private Limited (Respondent/Corporate Debtor) due to a default of Rs. 24,06,52,849.50/- plus interest. The Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) rejected the application because winding-up proceedings were already pending against the Corporate Debtor. A Company Petition No. 468 of 2013 had been preferred by Innoventive Industries Limited for winding up of Kumar Motors Private Limited before the Hon'ble High Court of Judicature at Bombay, which passed a detailed order on 4th August, 2015, admitting the company petition. The
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Innoventive Industries Limited filed Company…
The Hon'ble Bombay High Court passed a detailed…
Innoventive Industries Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Kumar Motors Private Limited, alleging default in repayment of Rs. 24,06,52,849.50/- along with interest. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, rejected the application due to the pendency of winding-up proceedings against Kumar Motors Private Limited and left open the question of whether the application was barred by limitation or Section 11(a) of the I&B Code or due to the pendency of arbitration proceedings. This appeal was filed against that rejection.
Innoventive Industries Limited (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Kumar Motors Private Limited (Respondent/Corporate Debtor) due to a default of Rs. 24,06,52,849.50/- plus interest. The Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) rejected the application because winding-up proceedings were already pending against the Corporate Debtor. A Company Petition No. 468 of 2013 had been preferred by Innoventive Industries Limited for winding up of Kumar Motors Private Limited before the Hon'ble High Court of Judicature at Bombay, which passed a detailed order on 4th August, 2015, admitting the company petition. The
…Innoventive Industries Limited filed Company…
The Hon'ble Bombay High Court passed a detailed…