The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by financial creditors against M/s Ansal Properties and Infrastructure Ltd., the corporate debtor. The matter was initially listed for pronouncement of order on 02.01.2020. However, the Ld. Counsel for the Corporate Debtor brought to the Bench's attention a Gazette Notification dated 28.12.2019, which was reported to have a bearing on the outcome of the case, leading to the deferment of the pronouncement. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019, amending the IBC, 2016, was published in the Gazette of India on 28.12.2019 and came into force with effect from 28th December, 2019.
Mr. Ankur Gupta and Ms. Ruchi Varshney, representing financial creditors, filed a company petition against M/s Ansal Properties and Infrastructure Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The case was initially scheduled for order pronouncement on 02.01.2020. However, the Corporate Debtor's counsel highlighted a Gazette Notification dated 28.12.2019, which had implications for the case's outcome. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019, published on 28.12.2019, introduced new provisos to Section 7, requiring joint applications by a minimum number of financial creditors, especially allottees in real estate projects. The court then directed the Corporate Debtor to provide information on the
…Sign in to view the parties.
The case was initially…
The Ld. Counsel for the Corporate Debtor drew…
The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by financial creditors against M/s Ansal Properties and Infrastructure Ltd., the corporate debtor. The matter was initially listed for pronouncement of order on 02.01.2020. However, the Ld. Counsel for the Corporate Debtor brought to the Bench's attention a Gazette Notification dated 28.12.2019, which was reported to have a bearing on the outcome of the case, leading to the deferment of the pronouncement. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019, amending the IBC, 2016, was published in the Gazette of India on 28.12.2019 and came into force with effect from 28th December, 2019.
Mr. Ankur Gupta and Ms. Ruchi Varshney, representing financial creditors, filed a company petition against M/s Ansal Properties and Infrastructure Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The case was initially scheduled for order pronouncement on 02.01.2020. However, the Corporate Debtor's counsel highlighted a Gazette Notification dated 28.12.2019, which had implications for the case's outcome. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019, published on 28.12.2019, introduced new provisos to Section 7, requiring joint applications by a minimum number of financial creditors, especially allottees in real estate projects. The court then directed the Corporate Debtor to provide information on the
…The case was initially…
The Ld. Counsel for the Corporate Debtor drew…