Document Fragment View
Fragment Information
Showing contexts for: insolvency code 2016 in M/S. Innoventive Industries Ltd vs Icici Bank & Anr on 15 May, 2017Matching Fragments
SUDHANSU JYOTI MUKHOPADHAYA,J.
These appeals have been preferred by the Appellant! Corporate Debtor - M/s. Innoventive Industries Limited against order(s) dated 23rd 17th January, 2017 and January, 2017 passed by the 'adjudicating authority' (National Company Law Tribunal), Mumbai Bench, Mumbai (hereinafter referred to as 'Adjudicating Authority') under Section 7 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as I&B Code 2016) in C.P. No. 1/I&BP/NCLT/MB/MAH/20 16.
2. By the impugned order dated 17th January 2017, the 'adjudicating authority' rejected all the contentions raised by the Appellant/ Corporate Debtor and held that the application preferred by the financial creditor - M/s. ICICI Bank - (respondent herein) is complete under sub-section (2) of Section 7 of the Insolvency & Bankruptcy Code, 2016 and admitted the application declaring 'moratorium' in regard to the affairs of the company; appointed 'Interim Resolution Professional' and passed interim order (s) in terms of Section 7 of the Insolvency & Bankruptcy Code, 2016.
48. By Section 255 of the I&B Code 2016 certain provisions of the Companies Act, 2013 has been amended in the manner as specified in the XIth Schedule. By virtue of Article 32 of XIth Schedule, the Section 424 of the Companies Act, 2013 stands amended as follows:
"32. In section 424, - Commencement of winding up by Tribunal. (i) in sub-section (1), after the words, "other provisions of this Act", the words "or of the Insolvency and Bankruptcy Code, 2016" shall be inserted; (ii) in sub-section (2), after the words, "under this Act", the words "or under the Insolvency and Bankruptcy Code, 2016" shall be inserted."
79. In view of the finding as recorded above, we hold that the Appellant is not entitled to derive any advantage from MRU Act, 1956 to stall the insolvency resolution process under Section 7 of the Insolvency & Bankruptcy Code, 2016.
80. Insofar as Master Restructuring Agreement dated 8th September 2014 is concerned; the appellant cannot take advantage of the same. Even if it is presumed that fresh agreement came into existence, it does not absolve the Appellant from paying the previous debts which are due to the financial creditor.