In the matter of Meeti Developers Private Limited Cp No. 783-IBC-NCLT-MB-MAH-2020
Case brief
What is this about?
The Tribunal admitted a Section 7 petition filed by Edelweiss Asset Reconstruction Company Limited against Meeti Developers Private Limited. The Court found a financial debt and default existed, rejecting limitation defenses and appointing an Interim Resolution Professional to commence the CIRP subject to moratorium.
What did the court decide?
Petition admitted, CIRP commenced, Moratorium declared under Section 14, and Interim Resolution Professional appointed.
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH, COURT NO. 5
CP No. 783/IBC/NCLT/MB/MAH/2020
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
Edelweiss Asset Reconstruction Company Limited Edelweiss House, Off. CST Road, Kalina, Mumbai – 400 098
….. Petitioner
V/s
Meeti Developers Private Limited
1st Floor, MMC Centre, Vikas Park, Link Road, Malad West, Mumbai – 400 064
….. Corporate Debtor
Heard on: 18.02.2021
Issues for consideration
3 issues framed by the court
Whether the petition filed by the Financial Creditor under Section 7 of the IBC is maintainable and admits of a financial debt with default.
Whether the petition is barred by limitation under Article 137 of the Limitation Act.
Whether the Adjudicating Authority must rely solely on Information Utility records to ascertain default or other evidence is sufficient.
Parties & counsel
- petitioner
Edelweiss Asset Reconstruction Company Limited
- respondent
Meeti Developers Private Limited
Coram
Suchitra Kanuparthi
Case details
As recorded by the court registry
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