In the matter of Isinox Limited Cp (Ib) No. 216-MB-IV-2022
Case brief
What is this about?
The NCLT admitted an application under Section 7 of the Insolvency and Bankruptcy Code filed by financial creditors to initiate CIRP against Isinox Limited. The Court held that receivables sold or discounted on a fintech platform constitute financial debt and rejected the jurisdiction objection based on a forum selection clause in the underlying agreement.
What did the court decide?
Corporate Insolvency Resolution Process (CIRP) initiated against Respondent; moratorium declared under Section 14; Mr. Manishkumar Ratanshi Patel appointed as 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-IV
CP (IB) No. 216/MB-IV/2022
Under Section 7 of the I&B Code, 2016
In the matter of:
Somesh A. Naik & Ors.
…Financial Creditor/Applicant
V/s
Isinox Limited
[CIN: U27100MH1990PLC057523]
...Corporate Debtor/Respondent
Order Dated: 17.03.2023
Coram:
Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
Issues for consideration
3 issues framed by the court
Whether a debt arising from the purchase or discount of receivables on a fintech platform constitutes financial debt under Section 5(8) of the Code.
Whether the Tribunal has jurisdiction despite parties' agreement to Delhi jurisdiction.
Whether multiple creditors can jointly file an application under Section 7 and meet the financial threshold.
Parties & counsel
- applicant
Somesh A. Naik & Ors.
- respondent
Isinox Limited
Coram
Prabhat Kumar
Case details
As recorded by the court registry
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