Dismissed

M/S Fibro Source India Private Limited v. M/S S R Foils & Tissue Limited

Delhi HC6 Sept 2017CO.PET./521/2014

Case brief

AI extract

What is this about?

The court observed that the insolvency application against the respondent was admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016. Consequently, interim orders were passed declaring moratorium. The petitioner's petition to approach the NCLT was dismissed as withdrawn with liberty to revive.

What did the court decide?

Petitioner's petition to approach NCLT dismissed as withdrawn with liberty to revive.

M/S Fibro Source India Private Limited Vs M/S S R… — Insolvency and Bankruptcy | Delhi HC (2017)

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$~C-36

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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CO.PET. 521/2014, CA No. 1844/2014 M/S FIBRO SOURCE INDIA PRIVATE LIMITED

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..... Petitioner Through : Mr.Kirit S.Javali, Mr.Mana Imtiyangla, Ms.Nikita C.Jain, Advocates.

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versus

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M/S S R FOILS & TISSUE LIMITED

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..... Respondent

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Through : Ms.Cipica Sharma, Advocate.

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CORAM:

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HON'BLE MR. JUSTICE YOGESH KHANNA

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O R D E R

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% 06.09.2017

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Since in C.P. No. IB-144(PB)2017 the petition under section 7 of the Insolvency and Bankruptcy Code, 2016 against the respondent company has been admitted, the following order has been passed:

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“11. In pursuance of Section 13(2) of Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) and thus the following prohibitions are imposed :

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“(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree, or order in any court of law, tribunal, arbitration panel or other authority;

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(b) transferring, encumbering, alienating or

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disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein;

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(c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;

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(d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.”

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The learned counsel for the petitioner intends to withdraw the petition to approach NCLT with a liberty to revive this petition, if necessary.

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Dismissed as withdrawn with the liberty as aforesaid.

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YOGESH KHANNA, J

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SEPTEMBER 06, 2017

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M/S Fibro Source India Private Limited v. M/S S R Foils & Tissue Limited

Case brief

What is this about?

What did the court decide?

M/S Fibro Source India Private Limited v. M/S S R Foils & Tissue Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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