Forever Glory Trading Limited, an operational creditor, initiated insolvency proceedings against Global Powersource (India) Limited, the corporate debtor, under Section 9 of the I&B Code. The NCLT admitted the petition on 03.06.2020 and appointed Mr. Anand Gopikishan Mundada as the IRP. However, the Director of the Corporate Debtor, Mr. Ashwin Kisandas Parekh, challenged the admission order before the NCLAT. The NCLAT directed the parties to approach the Adjudicating Authority after noting that the IRP was unable to take charge of the Corporate Debtor's assets. Subsequently, both parties submitted that they had entered into consent terms. The IRP had neither taken charge of the Corporate Debtor nor issued any public advertisement inviting claims. The relevance of

Forever Glory Trading Limited, an operational creditor, initiated insolvency proceedings against Global Powersource (India) Limited, the corporate debtor, under Section 9 of the I&B Code. The NCLT admitted the petition on 03.06.2020 and appointed Mr. Anand Gopikishan Mundada as the IRP. However, the Director of the Corporate Debtor, Mr. Ashwin Kisandas Parekh, challenged the admission order before the NCLAT. The NCLAT directed the parties to approach the Adjudicating Authority after noting that the IRP was unable to take charge of the Corporate Debtor's assets. Subsequently, both parties submitted that they had entered into consent terms. The IRP had neither taken charge of the Corporate Debtor nor issued any public advertisement inviting claims. The relevance of