In the matter of Car Bazaar Automobiles Private Limited C.P.(IB)-1239-MB-2021
Case brief
What is this about?
This order admits under Section 10 of the Insolvency and Bankruptcy Code, 2016, the petition filed by Car Bazaar Automobiles Private Limited for initiation of Corporate Insolvency Resolution Process, declaring default and imposing a moratorium.
What did the court decide?
Admission of Company Petition for initiation of Corporate Insclerosis Resolution Process; Declaration of Moratorium; Appointment of Interim Resolution Professional.
What the court decided
A compact analysis
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-IV
C.P.(IB)-1239/MB/2021
Under Section 10 of the IBC, 2016
In the matter of Car Bazaar Automobiles Private Limited …Corporate Debtor/Applicant
Order Pronounced on: 03.03.2023
Coram:
Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
Appearances (via videoconferencing):
For the Corporate Applicant : Mr. Prashant S. Thakre, PCS, Authorised Representative
O R D E R
Per: Prabhat Kumar, Member (Technical)
- This is a Company Petition filed on 20.10.2021 by Car Bazaar Automobiles Private Limited , (“Corporate Applicant”) under Section 10 of the Insolvency & Bankruptcy Code, 2016 (“the Code”) read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 for initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Applicant company.
Issues for consideration
3 issues framed by the court
Whether the admission of application under Section 10 of the Insolvency and Bankruptcy Code satisfies the requirements of default and documentation.
Whether the Interim Resolution Professional appointed is eligible and consented to perform the functions.
Whether the directions for moratorium under Section 14 and related relief are appropriate to ensure a moratorium on suits and proceedings against the Corporate Debtor.
Parties & counsel
- applicant
Car Bazaar Automobiles Private Limited
Coram
Prabhat Kumar
Kishore Vemulapalli
Case details
As recorded by the court registry
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