The case pertains to the maintainability of a Corporate Insolvency Resolution Process (CIRP) initiated against a party in a Tripartite Agreement. The Hon'ble NCLAT and the Hon'ble Principal Bench, New Delhi, have previously ruled that a CIRP initiated against one party cannot affect others concerning the same claim. The petitioner's counsel presented a judgment by the Hon'ble NCLAT in Company Appeal (AT) Insolvency No. 683 of 2018, concerning Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd vs. Axis Bank Limited, dated 16.1.2019.
HDFC ERGO General Insurance Co. Ltd filed a case against Prime Infra Park (P) Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal considered the maintainability of the CIRP process against Prime Infra Park (P) Ltd, especially in the context of a Tripartite Agreement. The petitioner's counsel presented a judgment passed by the Hon'ble NCLAT in Company Appeal (AT) Insolvency No.683 of 2018, Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd vs. Axis Bank Limited dated 2019-01-16. The court noted that CIRP can be initiated against the Holding Company as well as the Subsidiary Company based on the transaction under which claim has been made by the respective Creditors.
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Judgment passed by Hon'ble NCLAT in Company…
The case pertains to the maintainability of a Corporate Insolvency Resolution Process (CIRP) initiated against a party in a Tripartite Agreement. The Hon'ble NCLAT and the Hon'ble Principal Bench, New Delhi, have previously ruled that a CIRP initiated against one party cannot affect others concerning the same claim. The petitioner's counsel presented a judgment by the Hon'ble NCLAT in Company Appeal (AT) Insolvency No. 683 of 2018, concerning Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd vs. Axis Bank Limited, dated 16.1.2019.
HDFC ERGO General Insurance Co. Ltd filed a case against Prime Infra Park (P) Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal considered the maintainability of the CIRP process against Prime Infra Park (P) Ltd, especially in the context of a Tripartite Agreement. The petitioner's counsel presented a judgment passed by the Hon'ble NCLAT in Company Appeal (AT) Insolvency No.683 of 2018, Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd vs. Axis Bank Limited dated 2019-01-16. The court noted that CIRP can be initiated against the Holding Company as well as the Subsidiary Company based on the transaction under which claim has been made by the respective Creditors.
The matter was posted…
Judgment passed by Hon'ble NCLAT in Company…