https://www.taxtmi.com/caselaws?id=361665 The Appellate Tribunal dismissed the appeal by 'Indiabulls Housing Finance Ltd.' against the National Company Law Tribunal's decision, stating that an application under Section 7 of the Insolvency and Bankruptcy Code is not maintainable when winding up proceedings have already been initiated against the Corporate Debtor. The Tribunal held that once the second stage of liquidation proceedings has commenced, the initiation of the Corporate Insolvency Resolution Process is not applicable. This decision aligns with the Code's provisions and previous judicial interpretations, emphasizing that in such cases, creditors can present their claims to the relevant authorities without the need for a separate insolvency application. en-us Wed, 30 May 2018 00:00:00 +0530 Tue, 12 Jun 2018 08:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361665 The Appellate Tribunal dismissed the appeal by 'Indiabulls Housing Finance Ltd.' against the National Company Law Tribunal's decision, stating that an application under Section 7 of the Insolvency and Bankruptcy Code is not maintainable when winding up proceedings have already been initiated against the Corporate Debtor. The Tribunal held that once the second stage of liquidation proceedings has commenced, the initiation of the Corporate Insolvency Resolution Process is not applicable. This decision aligns with the Code's provisions and previous judicial interpretations, emphasizing that in such cases, creditors can present their claims to the relevant authorities without the need for a separate insolvency application. Case-Laws Insolvency and Bankruptcy Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361665