{"id":197362,"date":"2018-06-22T16:19:12","date_gmt":"2018-06-22T10:49:12","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=197362"},"modified":"2018-06-22T16:19:12","modified_gmt":"2018-06-22T10:49:12","slug":"corporate-insolvency-resolution-process-under-ib-code-is-barred-if-winding-up-of-the-corporate-debtor-already-ordered","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/06\/22\/corporate-insolvency-resolution-process-under-ib-code-is-barred-if-winding-up-of-the-corporate-debtor-already-ordered\/","title":{"rendered":"Corporate Insolvency Resolution Process under I&B Code is barred if winding up of the corporate debtor already ordered"},"content":{"rendered":"

National Company Law Appellate Tribunal: <\/strong>\u00a0A two-member bench comprising of S.J. Mukhopadhaya and Bansi Lal Bhat, J., dismissed a company appeal filed against the order of the National Company Law Tribunal which dismissed the appellant\u2019s application filed under Section 7 of the Insolvency and Bankruptcy Code 2016, for initiation of Corporate Insolvency Resolution Process.<\/p>\n

The appellant (operational creditor) cited a long list of cases to substantiate its application. The question before the Tribunal was whether an application under Section 7 of the Insolvency and Bankruptcy Code 2016 was maintainable even when the winding up proceedings against the corporate debtor had already been initiated. It was an admitted fact that the Bombay High Court had already ordered the winding of the corporate debtor. Referring to various judgments, the Tribunal, held that an application for initiation of Corporate Insolvency Resolution Process was not maintainable. The Tribunal observed that winding up order is the second stage and corporate insolvency resolution process is the first. <\/em>Therefore, the order for initiation of the first stage cannot be passed after order directing the compliance of the second stage had already been issued. As a result, the Tribunal dismissed the company appeal preferred by the appellant. [Indiabulls Housing Finance Ltd. v. Sree Ram Urban Infrastructure Ltd., 2018 SCC OnLine NCLAT 282<\/a>, order dated 30-05-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal: \u00a0A two-member bench comprising of S.J. 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Chandigarh, whereby the resolution plan submitted by the appellant was rejected and liquidation of the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219804,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/21\/nclat-nclt-new-delhi-in-terms-of-s-601-ibc-held-to-have-jurisdiction-in-s-7-application-against-corporate-debtor-having-properties-in-up\/","url_meta":{"origin":197362,"position":3},"title":"NCLAT | NCLT, New Delhi in terms of S. 60(1) IBC, held to have jurisdiction in S. 7 application against Corporate Debtor having properties in UP","author":"Bhumika Indulia","date":"September 21, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. Mukhopadhaya (Chairperson); Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) dismissed an appeal filed by the appellant-Director of Corporate Debtor against the order of the National Company Law Appellate Tribunal (New Delhi) whereby it had admitted the application filed\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222749,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/","url_meta":{"origin":197362,"position":4},"title":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016","author":"Bhumika Indulia","date":"December 2, 2019","format":false,"excerpt":"The Reserve Bank filed an application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited (DHFL) under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":262163,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/21\/understanding-the-jurisdictional-dilemma-in-personal-guarantors-insolvency-resolution-process\/","url_meta":{"origin":197362,"position":5},"title":"To File or not to File: Understanding the Jurisdictional Dilemma in Personal Guarantor\u2019s Insolvency Resolution Process","author":"Editor","date":"February 21, 2022","format":false,"excerpt":"by Shivam Singhal\u2020","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-142-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-142-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-142-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-142-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-142-5.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/197362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=197362"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/197362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=197362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=197362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=197362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}