NCLT Judgement on Section 3(11), 3(12), 5(21), 9, 9(2), 13, 14, 14(1), 15, 18, 31, 31(1), 33 of the Insolvency and Bankruptcy Code, 2016

 

 

 

 

NAME

MOBILE NO.

E-MAIL I’D

RANJEET KUMAR

8383098478, 9667769795

rk@courtkutchehry.com

JAI THAKUR

8130703334, 9355723300

jai.thakur@courtkutchehry.com

RAJEEV RANJAN

9334553249

rajiv.ranjan@courtkutchehry.com

ASHOK MISHRA

9718327746

sales@courtkutchehry.com

RAVI KUMAR


ravi.singh@courtkutchehry.com

Kumar Brothers Pharma Pvt. Ltd. Vs. Vascular Therapeutics India Pvt. Ltd., (2020) 08 NCLT CK 0009

NCLT admitted the application filed by the Operational Creditor/Petitioner, under Section 9 of Insolvency & Bankruptcy Code, 2016 (Code) against the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). While allowing the application NCLT held that this Bench has no doubt that the amount payable by the Corporate Debtor is a liability which is due from the Corporate Debtor and qualifies as Operational Debt both in terms of Section 3(11) and Section 5(21) of the IBC, 2016. This Bench also concludes that there is a default in terms of Section 3(12) of the IBC, 2016 which defines default as "non-payment of Debt when whole or any part or installment of the amount of debt has become due and payable" The two essential requirements, i.e. existence of 'debt' and 'default', for admission of a petition under Section 9 of the I&B Code, have been met in this case. NCLT further held that the Application under sub-section (2) of Section 9 of I&B Code, 2016 filed by the Operational Creditor for initiation of CIRP in prescribed Form 5, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing operational debt is beyond the threshold limit against the Corporate Debtor and its default is also proved. Accordingly, the application filed under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor is admitted.





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