The case involves petitions filed by OGO USA INC. against Multiwal Pulp and Board Mills Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The necessity of going into the merit of the claim made by the petitioners is obviated because in respect of the Corporate Debtor, another petition namely Corporation Bank v. M/s. Multiwal Pulp and Board Mills Private Limited, [(IB)-343(PB)/2019] vide order dated 21.05.2019 (pronounced today) has been admitted.
OGO USA INC. filed petitions against Multiwal Pulp and Board Mills Pvt. Ltd. under Section 7 of the IBC, 2016. Prior to a decision on these petitions, another petition filed by Corporation Bank against the same corporate debtor, Multiwal Pulp and Board Mills Private Limited, was admitted on 2019-05-21. This admission triggered the application of Section 11 of the IBC, which prohibits the initiation of another CIRP against a corporate debtor already undergoing one. The Insolvency Professional appointed for the CIRP initiated by Corporation Bank is Mr. Manish Agarwal. The court dismissed OGO USA INC.'s petitions as infructuous, but allowed for the possibility of revival or a fresh petition if the Appellate Tribunal sets aside the order admitting Corporation Bank's
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The Insolvency and…
Corporation Bank's petition against Multiwal…
The case involves petitions filed by OGO USA INC. against Multiwal Pulp and Board Mills Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The necessity of going into the merit of the claim made by the petitioners is obviated because in respect of the Corporate Debtor, another petition namely Corporation Bank v. M/s. Multiwal Pulp and Board Mills Private Limited, [(IB)-343(PB)/2019] vide order dated 21.05.2019 (pronounced today) has been admitted.
OGO USA INC. filed petitions against Multiwal Pulp and Board Mills Pvt. Ltd. under Section 7 of the IBC, 2016. Prior to a decision on these petitions, another petition filed by Corporation Bank against the same corporate debtor, Multiwal Pulp and Board Mills Private Limited, was admitted on 2019-05-21. This admission triggered the application of Section 11 of the IBC, which prohibits the initiation of another CIRP against a corporate debtor already undergoing one. The Insolvency Professional appointed for the CIRP initiated by Corporation Bank is Mr. Manish Agarwal. The court dismissed OGO USA INC.'s petitions as infructuous, but allowed for the possibility of revival or a fresh petition if the Appellate Tribunal sets aside the order admitting Corporation Bank's
…The Insolvency and…
Corporation Bank's petition against Multiwal…