Vertiv Energy Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Tecpro Systems Limited. However, it was noted that a Corporate Insolvency Resolution Process had already been initiated against Tecpro Systems Limited in the case of Edelweiss Assets Reconstruction Company Ltd. v. Tecpro Systems Limited.
Vertiv Energy Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Tecpro Systems Limited, the Corporate Debtor. The total amount of default stated was Rs. 34,88,622/- as on 12.07.2013, which remained unpaid. However, a Corporate Insolvency Resolution Process had already been initiated against Tecpro Systems Limited in the case of Edelweiss Assets Reconstruction Company Ltd. v. Tecpro Systems Limited, C.A. No. (IB)-197(PB)/2017, decided on 07.08.2017. Mr. Venkatesan Sankaranarayanan was appointed as Interim Resolution Professional in the existing insolvency process. Section 11(a) of the Code bars the initiation of a second insolvency process
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C.A. No. (IB)-197(PB)/2017 was decided,…
Vertiv Energy Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Tecpro Systems Limited. However, it was noted that a Corporate Insolvency Resolution Process had already been initiated against Tecpro Systems Limited in the case of Edelweiss Assets Reconstruction Company Ltd. v. Tecpro Systems Limited.
Vertiv Energy Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Tecpro Systems Limited, the Corporate Debtor. The total amount of default stated was Rs. 34,88,622/- as on 12.07.2013, which remained unpaid. However, a Corporate Insolvency Resolution Process had already been initiated against Tecpro Systems Limited in the case of Edelweiss Assets Reconstruction Company Ltd. v. Tecpro Systems Limited, C.A. No. (IB)-197(PB)/2017, decided on 07.08.2017. Mr. Venkatesan Sankaranarayanan was appointed as Interim Resolution Professional in the existing insolvency process. Section 11(a) of the Code bars the initiation of a second insolvency process
…The total amount of…
C.A. No. (IB)-197(PB)/2017 was decided,…