In the matter of Anudan Properties Private Limited Cp (Ib) No.1147-MB-IV-2020
Case brief
What is this about?
The NCLT admitted an application under Section 7 of the I&B Code filed by a financial creditor against a corporate debtor. The court held that the corporate debtor admitted liability for the debt but failed to pay, thus satisfying the conditions for initiating Corporate Insolvency Resolution Process (CIRP). A moratorium was declared, and an Interim Resolution Professional was appointed.
What did the court decide?
The application for initiation of CIRP under Section 7 of the I&B Code was admitted. A moratorium under Section 14 was declared with consequential directions. Mr. Jayesh Natvarlal Sanghrajka was appoi
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No.1147/MB-IV/2020
Under Section 7 of the I&B Code, 2016
In the matter of:
Lichfl Trustee Company Private Limited
[CIN: U67190MH2008PTC179718]
…Financial Creditor/ Applicant
V/s
Anudan Properties Private Limited
[CIN: U70100MH1988PTC047822]
...Corporate Debtor / Respondent
Order Dated: 15.03.2021
Coram: Mr. Rajesh Sharma Mrs. Suchitra Kanuparthi Hon‟ble Member (Technical) Hon‟ble Member (Judicial) Appearances (via videoconferencing): For the Petitioner(s) : Senior Advocate, Mr. Mustafa Doctor a/w Mr. Nooruddin Dhilla, Mrs. Sukhada Wagle Kamat & Mr, Zubin Narielwala i/b Hariani and Co., Advocates. For the Respondent(s) : Mr. Shyam Kapadia a/w Mr. Abhishek Kale, Mr. Avdhoot Prabhu, Ms. Nisha kaba i/b Naik Naik & Co., Advocates.
Issues for consideration
3 issues framed by the court
Whether the application for initiation of Corporate Insolvency Resolution Process (CIRP) is maintainable given the admission of liability but delay in payment.
Whether the corporate debtor's efforts to find an exit to the financial creditor prevent the admission of the insolvency application.
Whether the debt is financial in nature and exceeds the statutory threshold under Section 7 of the I&B Code.
Parties & counsel
- applicant
Lichfl Trustee Company Private Limited
Coram
Rajesh Sharma
Suchitra Kanuparthi
Case details
As recorded by the court registry
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