In the matter of Global Sourcing and Procurement Consolidation Limited Cp (Ib) 2120-MB-IV-2019
Case brief
What is this about?
The Tribunal admitted a Company Petition filed by an operational creditor to initiate CIRP against a corporate debtor. The debtor was found in default of debt exceeding the minimum threshold under section 9 of the IBC. The Tribunal imposed a moratorium under section 14, appointed an IRP, directed management vesting, and ordered public announcement.
What did the court decide?
Petition admitted; CIRP initiated against Global Sourcing and Procurement Consolidation Limited; Moratorium under section 14 imposed.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) 2120/MB-IV/2019
Under section 9 of the Insolvency & Bankruptcy Code, 2016
In the matter of
Bostock New Zealand Limited …Operational Creditor Versus
Global Sourcing and Procurement Consolidation Limited
Corporate Debtor
Order Delivered on 22.10.2019
- Coram: Mr. Rajasekhar V.K. : Hon'ble Member (Judicial) Mr. Ravikumar Duraisamy : Hon'ble Member (Technical) Appearances: For the Operational Creditor : Ms. Namrata Biyawat, I/b NB Legal, Advocate
- For the Corporate Debtor : No representation
ORDER
Issues for consideration
1 issue framed by the court
Whether the Corporate Insolvency Resolution Process should be initiated against the Corporate Debtor for default in payment of debt exceeding one lakh rupees under section 9 of the IBC.
Parties & counsel
- petitioner
Bostock New Zealand Limited
- respondent
Global Sourcing and Procurement Consolidation Limited
Coram
Rajasekhar V.K
Case details
As recorded by the court registry
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