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Court dismisses application by Bombay Stock Exchange Ltd. against Neo Corp International Ltd. for defaulting on listing fee. The Court dismissed the application under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by Bombay Stock Exchange Ltd. against Neo Corp ...
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Court dismisses application by Bombay Stock Exchange Ltd. against Neo Corp International Ltd. for defaulting on listing fee.
The Court dismissed the application under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by Bombay Stock Exchange Ltd. against Neo Corp International Ltd. for defaulting in payment of the annual listing fee. The Court found the petition time-barred under the Limitation Act, 1963, as the three-year limitation period from the default date of 1.4.2014 had lapsed by the filing date of the Company Petition on 8.12.2018. Consequently, the Court concluded that the petition was misconceived and dismissed it.
Issues: Application u/s 9 of Insolvency & Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution process due to default in payment of annual listing fee by the Corporate Debtor.
The judgment pertains to an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by the Petitioner, Bombay Stock Exchange Ltd., against the Corporate Debtor, Neo Corp International Ltd., for defaulting in payment of the annual listing fee. The Petitioner claimed that the Corporate Debtor failed to make payments starting from 1.4.2014, which led to the initiation of proceedings for Corporate Insolvency Resolution. Despite receiving a Section 8 notice, the Corporate Debtor did not respond, and the Petitioner submitted material proof of non-payment. The Petitioner sought admission of the Company Petition based on the evidence presented.
Upon reviewing the Form-5 filed by the Petitioner, the Bench noted that the default date mentioned was 1.4.2014. When questioned about any acknowledgment or part payment by the Corporate Debtor post this date, the Petitioner's Counsel confirmed no such actions were taken by the Corporate Debtor. Consequently, the Bench determined that the Petition was time-barred under the Limitation Act, 1963, as per Section 238A of the Insolvency & Bankruptcy Code.
The Bench found that the limitation period of three years from 1.4.2014 had lapsed by the filing date of the Company Petition on 8.12.2018. Therefore, the Bench concluded that the Petition was indeed hit by Section 238A of the Insolvency & Bankruptcy Code, leading to its dismissal as misconceived.
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