The case involves an appeal against the order dated 04.10.2018 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad in Company Petition (IB) No.462/7/HDB/2018. The appeal was filed against the admission of an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) by L&T Infrastructure Finance Company Ltd (financial creditor) against ICOMM Tele Ltd (Corporate Debtor). The appellant contended that winding up proceedings were already filed before the High Court of Hyderabad and an order was passed on 2nd January, 2017, making the application under Section 7 not maintainable.
PTC India Financial Services Ltd filed an appeal against the order of the NCLT, Hyderabad, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by L&T Infrastructure Finance Company Ltd against ICOMM Tele Ltd. The appellant, PTC India Financial Services Ltd, argued that winding-up proceedings were already pending before the High Court of Hyderabad. The respondent, L&T Infrastructure Finance Company Ltd, contended that Section 11 of the IBC does not bar the filing of an application under Section 7. The NCLT admitted the application under Section 7 on 13.04.2018. The key fact is the existence of prior winding-up proceedings in the High Court and its potential impact on the maintainability of the Section 7 application
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Order passed in winding…
NCLT admits the Section 7 application filed by…
The case involves an appeal against the order dated 04.10.2018 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad in Company Petition (IB) No.462/7/HDB/2018. The appeal was filed against the admission of an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) by L&T Infrastructure Finance Company Ltd (financial creditor) against ICOMM Tele Ltd (Corporate Debtor). The appellant contended that winding up proceedings were already filed before the High Court of Hyderabad and an order was passed on 2nd January, 2017, making the application under Section 7 not maintainable.
PTC India Financial Services Ltd filed an appeal against the order of the NCLT, Hyderabad, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by L&T Infrastructure Finance Company Ltd against ICOMM Tele Ltd. The appellant, PTC India Financial Services Ltd, argued that winding-up proceedings were already pending before the High Court of Hyderabad. The respondent, L&T Infrastructure Finance Company Ltd, contended that Section 11 of the IBC does not bar the filing of an application under Section 7. The NCLT admitted the application under Section 7 on 13.04.2018. The key fact is the existence of prior winding-up proceedings in the High Court and its potential impact on the maintainability of the Section 7 application
…Order passed in winding…
NCLT admits the Section 7 application filed by…