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“Section 7 of the Insolvency and Bankruptcy Code, 2016 states a financial creditor, either by itself or jointly, with other financial creditors, or any other person on behalf of the financial creditor, may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred.”
The application is filed by Jammu and Kashmir Bank against the Himalayan Mineral Waters Private Limited for a total financial debt of Rs. 50,04,38,456/- for the credit facilities availed by Leel Electricals.
The Tribunal stated that if the withdrawal of the Section 9 Admission order was upheld and CIRP were to start afresh from the date of admission of the Section 7 Application, it would have resulted in an inadequate insolvency resolution of the corporate debtor.
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