The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, which admitted an application filed by Sunrise 14 A/S, Denmark, claiming to be a Financial Creditor, against M/s. Muskaan Power Infrastructure Limited (‘Corporate Debtor’) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had declared a moratorium and adjourned the case for the appointment of an Insolvency Resolution Professional. The appellant challenged these orders, arguing that the application was not maintainable due to the absence of a 'record of default' or certificate from a financial institution as required by the I&B Code.
Sunrise 14 A/S, Denmark, a company incorporated under Danish Law, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Muskaan Power Infrastructure Limited, claiming to be a Financial Creditor. The Adjudicating Authority admitted the application, declared a moratorium, and adjourned the case for the appointment of an Insolvency Resolution Professional. The Appellant challenged the orders, arguing that the application was not maintainable due to the absence of a 'record of default' or certificate from a financial institution. The Respondent argued that the objections were not raised before the Adjudicating Authority and that the court should follow a purposive interpretation. The amount of default was shown to be USD$ 190,210
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The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, which admitted an application filed by Sunrise 14 A/S, Denmark, claiming to be a Financial Creditor, against M/s. Muskaan Power Infrastructure Limited (‘Corporate Debtor’) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had declared a moratorium and adjourned the case for the appointment of an Insolvency Resolution Professional. The appellant challenged these orders, arguing that the application was not maintainable due to the absence of a 'record of default' or certificate from a financial institution as required by the I&B Code.
Sunrise 14 A/S, Denmark, a company incorporated under Danish Law, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Muskaan Power Infrastructure Limited, claiming to be a Financial Creditor. The Adjudicating Authority admitted the application, declared a moratorium, and adjourned the case for the appointment of an Insolvency Resolution Professional. The Appellant challenged the orders, arguing that the application was not maintainable due to the absence of a 'record of default' or certificate from a financial institution. The Respondent argued that the objections were not raised before the Adjudicating Authority and that the court should follow a purposive interpretation. The amount of default was shown to be USD$ 190,210
…The Adjudicating Authority (National Company…
The Adjudicating Authority appointed an…