In the matter of Aaishni Pharmaceuticals Pvt. Ltd. Cp (Ib) 4059-MB-2018
Case brief
What is this about?
The NCLT admitted a section 7 petition filed by Omkara Assets Reconstruction Pvt. Ltd. against Aaishni Pharmaceuticals Pvt. Ltd. The court held that there was a clear debt and default, despite the corporate debtor's contention regarding non-disclosure of execution proceedings, and initiated the Corporate Insolvency Resolution Process.
What did the court decide?
Admission of the Company Petition under Section 7 of the IBC and initiation of the Corporate Insolvency Resolution Process against the corporate debtor.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT - II
CP (IB) 4059/MB/2018
Under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy
(Application to Adjudicating Authority) Rules, 2016
In the matter of
Omkara Assets Reconstruction Pvt. Ltd. ..… Applicant/ Financial Creditor
Versus
Aaishni Pharmaceuticals Pvt. Ltd.
….. Corporate Debtor
Order Delivered on :- 06.01.2023
Coram:
Justice P.N. Deshmukh : Member (Judicial)
Issues for consideration
3 issues framed by the court
Whether the application under section 7 of the Insolvency and Bankruptcy Code is complete and admits to the Corporate Insolvency Resolution Process?
Whether the existence of an Arbitral Award precludes the initiation of CIRP proceedings under the Insolvency and Bankruptcy Code?
Whether the corporate debtor's failure to disclose execution proceedings makes the application an abuse of process?
Parties & counsel
- applicant
Omkara Assets Reconstruction Pvt. Ltd.
Coram
Justice P.N. Deshmukh
Shyam Babu Gautam
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court