ITW welding Italy S.r. 1- Division PWT filed a petition against Punj Lloyd Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. However, a prior petition against the same corporate debtor, ICICI Bank Limited v. Punj Llyod Limited, had already been admitted by the bench on 08.03.2019. The court noted that another Corporate Insolvency Process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.
ITW welding Italy S.r. 1- Division PWT filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Punj Lloyd Ltd. ICICI Bank Limited had already initiated a Corporate Insolvency Resolution Process (CIRP) against Punj Lloyd Ltd., and the petition was admitted on 08.03.2019. Section 11 of the Code prohibits the initiation of another CIRP against a corporate debtor already undergoing such a process. The court noted that the petitioners could file their claim before the Insolvency Professional, Mr. Gaurav Gupta. The Appellate Tribunal could potentially set aside the order dated 08.03.2019.
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ICICI Bank Limited's…
The NCLT dismissed the…
ITW welding Italy S.r. 1- Division PWT filed a petition against Punj Lloyd Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. However, a prior petition against the same corporate debtor, ICICI Bank Limited v. Punj Llyod Limited, had already been admitted by the bench on 08.03.2019. The court noted that another Corporate Insolvency Process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.
ITW welding Italy S.r. 1- Division PWT filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Punj Lloyd Ltd. ICICI Bank Limited had already initiated a Corporate Insolvency Resolution Process (CIRP) against Punj Lloyd Ltd., and the petition was admitted on 08.03.2019. Section 11 of the Code prohibits the initiation of another CIRP against a corporate debtor already undergoing such a process. The court noted that the petitioners could file their claim before the Insolvency Professional, Mr. Gaurav Gupta. The Appellate Tribunal could potentially set aside the order dated 08.03.2019.
ICICI Bank Limited's…
The NCLT dismissed the…