In the matter of Proficient Engineering Pvt. Ltd. Cp (Ib) No. 164-MB-IV-2021
Case brief
What is this about?
The NCLT Mumbai Bench admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by a financial creditor against a corporate debtor for non-payment of a debt exceeding one crore rupees. The Tribunal approved the appointment of an Interim Resolution Professional and declared a moratorium on suits and proceedings against the debtor.
What did the court decide?
Application admitted; moratorium declared under Section 14; appointment of Interim Resolution Professional; deposit of Rs. 5,00,000 by Financial Creditor for expenses.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No.164/MB-IV/2021
Under Section 7 of the I&B Code, 2016
In the matter of:
Goldenarch Digital Solutions Pvt. Ltd.
[CIN: U52609MH2016PTC282315]
…Financial Creditor/Applicant
V/s.
Proficient Engineering Pvt. Ltd.
[CIN: U28920MH1996PTC096844]
...Corporate Debtor/Respondent
Order Dated: 09.02.2023
Coram: Mr. Manoj Kumar Dubey Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
Issues for consideration
3 issues framed by the court
Whether an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against a corporate debtor is maintainable given the admission
Whether to appoint an Interim Resolution Professional and declare a moratorium under Section 14 upon admission of the application.
Whether the financial debt and default meet the threshold requirements under the I&B Code for initiating CIRP.
Parties & counsel
- applicant
Goldenarch Digital Solutions Pvt. Ltd.
- respondent
Proficient Engineering Pvt. Ltd.
Coram
Manoj Kumar Dubey
Case details
As recorded by the court registry
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