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Showing contexts for: insolvency code 2016 in M/S.Anandram Developers Private ... vs The National Company Law Tribunal on 17 November, 2017Matching Fragments
2. W.P. No.29085 has been filed for a Writ of Mandamus, forbearing the Registrar, National Company Law Tribunal, Chennai, 1st respondent herein, from proceeding further with the Application filed by the M/s.Asset Reconstruction Company (India) Limited, (ARCIL), Mumbai, 2nd respondent herein, in Application No.603/2017 under Section 7 of Insolvency and Bankruptcy Code, 2016 to initiate corporate insolvency resolution process against the company pending disposal of OA filed by the 2nd respondent in O.A.29/2016 on the file of DRT-I, Chennai, and Review Application No.3 of 2017 in OA No.430/2014 on the file of DRT-II, Chennai and consideration of the One Time Settlement Proposal given by the 1st petitioner company.
20. In the case on hand, initiation of corporate insolvency resolution process, has been made by the Asset Reconstruction Company (India) Limited, (ARCIL), a financial creditor. Chapter II of the Insolvency and Bankruptcy Code, 2016, deals with Corporate Insolvency Resolution Process. Section 6 of the Code, deals with persons, who may initiate corporate insolvency resolution process and the said Section is extracted hereunder:
"Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter."
36. Rule 8 speaks about withdrawal of application and the same reads as follows:
"The Adjudicating Authority may permit withdrawal of the application made under rules 4, 6 or 7, as the case may be, on a request made by the applicant before its admission."
37. In exercise of the powers conferred under sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India has framed the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. Chapter II speaks about Eligibility for resolution professional, Access to books, Extortionate credit transaction and relevant regulations are extracted hereunder:
47. Moment, an application is admitted, under Section 7 of the Insolvency and Bankruptcy Code, 2016, a detailed procedure is set out in the Insolvency and Bankruptcy Code, 2016 and Rules and Regulations have framed. In the light of the decision of the Hon'ble Supreme Court, in M/s.Innoventive Industries Ltd.,'s case (cited supra), which has thread analysed the code, the contention that the rights of the Company and its Directors, as well as the share holders, would be stripped of the moment, an application, under Section 7 of the Code, is admitted and that therefore, the whole proceedings by NCLT, require to be stalled, cannot be accepted.