The case involves an application (MA/905/2019) filed by the Corporate Debtor in the context of insolvency proceedings (IBA/660/2019) initiated by a Nationalised Bank under the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor sought a mediator based on the Companies (Mediation & Conciliation) Rules 2016.
A Nationalised Bank initiated insolvency proceedings (IBA/660/2019) against a Corporate Debtor. The Corporate Debtor then filed an application (MA/905/2019) seeking a mediator, citing the Companies (Mediation & Conciliation) Rules 2016. The court questioned the applicability of these rules to IBC proceedings. The applicant's counsel could not provide any provision under the IBC that would allow for the application of the Companies (Mediation & Conciliation) Rules 2016 to the insolvency proceedings. This lack of legal basis led the court to dismiss the application.
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Hearing held at Chennai…
The case involves an application (MA/905/2019) filed by the Corporate Debtor in the context of insolvency proceedings (IBA/660/2019) initiated by a Nationalised Bank under the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor sought a mediator based on the Companies (Mediation & Conciliation) Rules 2016.
A Nationalised Bank initiated insolvency proceedings (IBA/660/2019) against a Corporate Debtor. The Corporate Debtor then filed an application (MA/905/2019) seeking a mediator, citing the Companies (Mediation & Conciliation) Rules 2016. The court questioned the applicability of these rules to IBC proceedings. The applicant's counsel could not provide any provision under the IBC that would allow for the application of the Companies (Mediation & Conciliation) Rules 2016 to the insolvency proceedings. This lack of legal basis led the court to dismiss the application.
Hearing held at Chennai…