In the matter of Grl Tires Private LImited Cp No. 3540-IBC_NCLT-MB-2018
Case brief
What is this about?
The NCLT admitted a petition filed by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code against a corporate debtor. The court found that the debtor defaulted on a financial debt of ₹7 crore and appointed an Interim Resolution Professional, ordering the initiation of the corporate insolvency resolution process and declaring moratorium.
What did the court decide?
Admission of petition under Section 7 of the Code; Appointment of Mr. Pankaj Sham Joshi as Interim Resolution Professional; Declaration of moratorium under Section 14.
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH
CP No. 3540/IBC/NCLT/MB/2018
Under Section 7 of the Insolvency and Bankruptcy Code, 2016 r.w. Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016
In the matter of
Park Chambers Limited
….. Financial Creditor (Petitioner/Applicant)
V.
GRL Tires Private Limited
….. Corporate Debtor (Respondent)
Pronounced on: 20.11.2019
Coram :
Hon’ble M.K. Shrawat, Member (Judicial) Hon’ble Chandra Bhan Singh, Member (Technical)
Issues for consideration
2 issues framed by the court
Whether the petition under Section 7 of the I&B Code satisfies the requirements of existence of debt and default for admission.
Whether the proposed Interim Resolution Professional is fit to be appointed and any disciplinary action is pending against him.
Parties & counsel
- applicant
Park Chambers Limited
- respondent
GRL Tires Private Limited
Coram
M.K. Shrawat
Case details
As recorded by the court registry
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