The National Company Law Tribunal, Mumbai Division – II, heard an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was filed by Ancon Steel Industries against Sanika Chemicals Pvt Ltd. The counsel for both the applicant and the Interim Resolution Professional (IRP) were present during the hearing on November 25, 2019. The Tribunal considered the averments made in the application and the contents of Form FA. The Tribunal allowed the application, citing the Supreme Court's order in "Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others." Specifically, the Tribunal referred to Para 52 of that judgment, which clarifies that once the Code is triggered by a creditor's petition under

The National Company Law Tribunal, Mumbai Division – II, heard an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was filed by Ancon Steel Industries against Sanika Chemicals Pvt Ltd. The counsel for both the applicant and the Interim Resolution Professional (IRP) were present during the hearing on November 25, 2019. The Tribunal considered the averments made in the application and the contents of Form FA. The Tribunal allowed the application, citing the Supreme Court's order in "Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others." Specifically, the Tribunal referred to Para 52 of that judgment, which clarifies that once the Code is triggered by a creditor's petition under