A petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, against CLC Industries Ltd. However, a Corporate Insolvency Resolution Process (CIRP) had already been initiated against the same corporate debtor based on a Section 7 petition.
A petition was filed by Ranjan Magtani against CLC Industries Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. This petition sought to initiate a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. However, it was brought to the attention of the National Company Law Tribunal (NCLT) that a separate petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, had already been admitted against the same corporate debtor, CLC Industries Ltd. This earlier petition was filed by Edelweiss Asset Reconstruction Company Limited and was admitted via an order dated January 3, 2020. Given that a CIRP was already in progress for CLC Industries Ltd., the NCLT referred to Section 11 of the Insolvency and Bankruptcy Code,
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A petition under Section 7 of the IBC was…
The NCLT dismissed the Section 9 petition filed…
A petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, against CLC Industries Ltd. However, a Corporate Insolvency Resolution Process (CIRP) had already been initiated against the same corporate debtor based on a Section 7 petition.
A petition was filed by Ranjan Magtani against CLC Industries Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. This petition sought to initiate a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. However, it was brought to the attention of the National Company Law Tribunal (NCLT) that a separate petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, had already been admitted against the same corporate debtor, CLC Industries Ltd. This earlier petition was filed by Edelweiss Asset Reconstruction Company Limited and was admitted via an order dated January 3, 2020. Given that a CIRP was already in progress for CLC Industries Ltd., the NCLT referred to Section 11 of the Insolvency and Bankruptcy Code,
…A petition under Section 7 of the IBC was…
The NCLT dismissed the Section 9 petition filed…