Prayag Polytech Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sumeru Processors Pvt. Ltd. However, a similar petition against the same corporate debtor, Sumeru Processors Pvt. Ltd., filed by Enkay (India) Rubber Co. Pvt. Ltd. had already been admitted. The order was passed on 15.04.2019.
Prayag Polytech Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sumeru Processors Pvt. Ltd. An earlier petition filed by Enkay (India) Rubber Co. Pvt. Ltd. against the same corporate debtor, Sumeru Processors Pvt. Ltd., had already been admitted on 15.04.2019. Section 11 of the Code, 2016, prevents the initiation of another Corporate Insolvency Process against a corporate debtor already undergoing such a process. The court dismissed Prayag Polytech's petition as infructuous, allowing them to file a claim with the Insolvency Professional and to revive the petition if the earlier order is set aside by the Appellate Tribunal.
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Enkay (India) Rubber…
Enkay (India) Rubber Co. Pvt. Ltd.'s petition…
Prayag Polytech Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sumeru Processors Pvt. Ltd. However, a similar petition against the same corporate debtor, Sumeru Processors Pvt. Ltd., filed by Enkay (India) Rubber Co. Pvt. Ltd. had already been admitted. The order was passed on 15.04.2019.
Prayag Polytech Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sumeru Processors Pvt. Ltd. An earlier petition filed by Enkay (India) Rubber Co. Pvt. Ltd. against the same corporate debtor, Sumeru Processors Pvt. Ltd., had already been admitted on 15.04.2019. Section 11 of the Code, 2016, prevents the initiation of another Corporate Insolvency Process against a corporate debtor already undergoing such a process. The court dismissed Prayag Polytech's petition as infructuous, allowing them to file a claim with the Insolvency Professional and to revive the petition if the earlier order is set aside by the Appellate Tribunal.
Enkay (India) Rubber…
Enkay (India) Rubber Co. Pvt. Ltd.'s petition…