NCLT admitted a company petition initiating CIRP against an operational creditor's default. The court appointed an Interim Resolution Professional, declared moratorium, and issued standard directives under the Code.
Application admitted; CIRP declared; moratorium inducted; Ms. Megha Agrawal appointed as Interim Resolution Professional.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH
C.P. No. 3942/I&BP/2019 Under section 8 & 9 of the IBC, 2016
In the matter of
Wood Preservers Private Limited F-27, MIDC Industrial Estate, Hingna Road, Nagpur – 440 016.
.... Petitioner v/s
LB Industries Private Limited
Plot No. 2A, Mount Road Extension, Sadar, Nagpur – 440 001
…. Corporate Debtor
Order delivered on: 19.11.2019
Coram: Hon’ble Smt. Suchitra Kanuparthi, Member (Judicial) Hon’ble Shri V. Nallasenapathy, Member (Technical)
For the Petitioner : Mr. Harsh Kesharia, Advocate.
For the Corporate Debtor: Mr. Asmit Agrawal, Advocate.
Per: Suchitra Kanuparthi, Member (J)
ORDER
1
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH
C.P. No. 3942/I&BP/2019
read with Rule 5 and 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
2
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH
C.P. No. 3942/I&BP/2019
under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor.
SD/SD/V. Nallasenapathy Suchitra Kanuparthi Member (Technical) Member (Judicial)
3
3 issues framed by the court
Whether an application for initiating the Corporate Insolvency Resolution Process (CIRP) under Section 8 or 9 of the Code is maintainable upon default.
Whether the operational creditor complied with the requirements of Section 9(3)(b) by filing an affidavit with no dispute raised.
Whether to appoint an Interim Resolution Professional and declare moratorium upon admitting the application.
6 provisions across 2 enactments
Wood Preservers Private Limited
LB Industries Private Limited
Suchitra Kanuparthi
V. Nallasenapathy
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
