The case involves a petition filed by Sh. Dinesh Kumar Goel, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Nice Projects Limited, the Corporate Debtor. The petition was filed due to an alleged default in payment. However, the Tribunal noted that a CIRP had already been initiated against the same Corporate Debtor in another case.
Sh. Dinesh Kumar Goel, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Nice Projects Limited, the Corporate Debtor. The basis for the petition was an alleged default in payment. The NCLT, New Delhi Bench, noted that a CIRP had already been initiated against the same Corporate Debtor in a prior case, Varun Shuttering Store Vs. M/s Nice Projects Limited in (IB)-3042(ND)/2019, vide order dated 13.02.2020. Mr. Rajinder Kishore Duggal was appointed as the IRP in the prior CIRP. The Tribunal considered Section 11 of the IBC, 2016, which prohibits the initiation of another CIRP against a Corporate Debtor already undergoing such a process.
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Order passed initiating CIRP against M/s Nice…
Company Petit…
The case involves a petition filed by Sh. Dinesh Kumar Goel, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Nice Projects Limited, the Corporate Debtor. The petition was filed due to an alleged default in payment. However, the Tribunal noted that a CIRP had already been initiated against the same Corporate Debtor in another case.
Sh. Dinesh Kumar Goel, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Nice Projects Limited, the Corporate Debtor. The basis for the petition was an alleged default in payment. The NCLT, New Delhi Bench, noted that a CIRP had already been initiated against the same Corporate Debtor in a prior case, Varun Shuttering Store Vs. M/s Nice Projects Limited in (IB)-3042(ND)/2019, vide order dated 13.02.2020. Mr. Rajinder Kishore Duggal was appointed as the IRP in the prior CIRP. The Tribunal considered Section 11 of the IBC, 2016, which prohibits the initiation of another CIRP against a Corporate Debtor already undergoing such a process.
Order passed initiating CIRP against M/s Nice…
Company Petit…