2018 (4) TMI 1008

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....pugned order dated 18th September, 2017 dismissed the application in view of pendency of winding up proceedings before the Hon'ble High Court, New Delhi in C.P. No.312 of 2016. 2. Similar issue fell for consideration before this Appellate Tribunal in "M/s. Unigreen Global Private Limited Vs. Punjab National Bank & Ors.─ Company Appeal (AT) (Insolvency) No. 81 of 2017" dated 1st December, 2017, though, that was the case relating to application by 'Corporate Applicant' under Section 10 of the 'I&B Code'. In the said case, this Appellate Tribunal noticed the relevant provisions and observed: "28. In a case where a winding up proceedings has already been initiated against a Corporate Debtor by the Hon'ble High Court or Tribuna....

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.... "liquidation order", against a Corporate Debtor. The word 'winding up' has not been mentioned therein. For the said reason by Section 255 read with Schedule 11 of the I & B Code, in Section 2 of the Companies Act, 2013 for clause (23), the following clause has been substituted: "1. In section 2,- (a) for clause (23), the following clause shall be substituted, namely:- xxx xxx xxx "(23) "Company Liquidator" means a person appointed by the Tribunal as the Company Liquidator in accordance with the provisions of section 275 for the winding up of a company under this Act"; (b) after clause (94), the following clause shall be inserted, namely:- "(94A) "winding up" means winding up under this ....

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....or 'liquidation' proceeding has been initiated against the Corporate Debtor, the petition under Section 7 or Section 9 against the said Corporate Debtor is not maintainable. 8. However, if a 'Corporate Insolvency Resolution' has started or on failure, if liquidation proceeding has been initiated against the Corporate Debtor, the question of entertaining another application under Section 7 or Section 9 against the same very 'Corporate Debtor' does not arise, as it is open to the 'Financial Creditor' and the 'Operational Creditor' to make claim before the Insolvency Resolution Professional/Official Liquidator. 9. Similarly, one may argue that in case where 'winding up' proceeding has been ordered by the Hon'ble High Court an....