NCLT JUDGEMENT ON RULE 6, 9(1) OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016, SECTION 3(12), 4, 5(20), 5(21), 7(3)(B), 8, 9, 9(1), 9(3)(B), 9(3)(C), 9(3)(D), 9(3)(E), 9(4), 9(5), 9(5)(I), 9(5)(I)(A), 9(5)(I) (B), 9(5)(I)(C), 9(5)(I)(D), 9(6), 13(2), 14, 14(1)(A), 14(1)(B), 14(1)(C), 14(1)(D), 14(4), 14(3)(B), 15, 17, 18, 19, 20, 21, 60(1) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATION 6(1) OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016
Adonis Electronics Pvt. Ltd Vs. Saka Ltd, (2020) 06 NCLT CK 0034 NCLT allowing the application filed by the applicant under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (for brevity 'the Rules') for initiation of Corporate Insolvency Resolution Process in respect of Respondent Company. While allowing the application NCLT held that in the present application all the requirements have been satisfied. It is seen that the application preferred by applicant operational creditor is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the applicant operational creditor. Respondent company also did not raise any dispute regarding the existence of operational debt. In fact, the claim of default committed by the corporate de...