NCLT JUDGEMENT ON RULE 4 4(3) OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND SECTION 4, 5(7), 5(8), 7, 7(1), 7(2), 7(5), 7(5)(A), 7(7), 8, 8(1), 8(2), 14, 15, 16, 17, 18, 31(1), 33, 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016


Suraksha Asset Reconstruction Limited Vs. Noida Medicare Centre Limited, (2020) 05 NCLT CK 0006

NCLT dismissed the application filed by the applicant under Section 7 of the IBC, 2016, therein to initiate the CIRP against the Corporate Debtor. While dismissing the application NCLT held that when we shall consider the case in hand, then we find that the Corporate Debtor has taken the loan from the Kotak Mahindra Bank Ltd. which was subsequently assigned by assignment letter to the applicant and that has not been paid and the documents enclosed with the application as well as the rejoinder shows that there is a default in payment of the said debt. We further find that the application is complete, the name of IRP is proposed and the IRP has also accepted the proposal which is at page 25 of the application and there is no disciplinary proceedings pending against the proposed IRP and amount is more than Rs. One Lakh is being the minimum threshold limit fixed under IBC, 2016, hence under such circumstances, this Adjudicating Authority under section 7(5)(a) of Insolvency and Bankruptcy Code, 2016 is inclined to admit this petition and initiate CIRP against the respondent.

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