The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Financial Creditor's counsel reported that the Bench had already admitted CP/541/IB/2018 against the Corporate Debtor. At the Financial Creditor's request, the current petition, IBA/459/2019, was considered for dismissal.
The key facts are as follows: Pegasus Assets Company Reconstruction PV LTD filed a petition (IBA/459/2019) against Marg LTD under Section 7 Rule 4 of the IBC. However, the Financial Creditor's counsel reported that CP/541/IB/2018 against Marg LTD had already been admitted. The Financial Creditor then requested the dismissal of IBA/459/2019. The relevance of the prior admission of CP/541/IB/2018 is that it initiated an insolvency resolution process for the same Corporate Debtor, making the current petition redundant.
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CP/541/IB/2018 was…
Hearing hel…
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The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Financial Creditor's counsel reported that the Bench had already admitted CP/541/IB/2018 against the Corporate Debtor. At the Financial Creditor's request, the current petition, IBA/459/2019, was considered for dismissal.
The key facts are as follows: Pegasus Assets Company Reconstruction PV LTD filed a petition (IBA/459/2019) against Marg LTD under Section 7 Rule 4 of the IBC. However, the Financial Creditor's counsel reported that CP/541/IB/2018 against Marg LTD had already been admitted. The Financial Creditor then requested the dismissal of IBA/459/2019. The relevance of the prior admission of CP/541/IB/2018 is that it initiated an insolvency resolution process for the same Corporate Debtor, making the current petition redundant.
CP/541/IB/2018 was…
Hearing hel…
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