TaxTMI 
TaxTMI 
2018 (5) TMI 175
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....ion under Section 10 of the Insolvency & Bankruptcy Act, 2016 (in short 'I & B Code'). The Adjudicating Authority, (National Company Law Tribunal) Chandigarh Bench, Chandigarh by impugned order dated 28.11.2017 in CP(IB) No. 98/Chd/CHD/2017 taking into consideration the allegations made by the home buyers and others rejected the application with following observations: "35. I am of the considered view that these factors could be taken into account in case the corporate debtor had come clean and not after it had disposed huge chunk of land in the past few months before filing of this petition after coming into force the provisions of the Code. It seems that the only immovable property which is mortgaged with the Bank as security has been ....
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....er Section 10. 4. Next it was contended that the Appellant has suppressed certain facts, but we are of the view that such grounds cannot be shown to reject the application till it is shown that such facts were required to be stated in terms of Form-6. Some of the Respondents and the home buyers and others made various allegations against the 'Corporate Debtor', but we are not going to decide such allegation in this appeal as it is not required to be decided while dealing with application under Section 10. 5. Similar issue fell for consideration before this Appellate Tribunal in "M/s Unigreen Global Private Ltd. Vs. Punjab National Bank & Ors." in Company Appeal (AT) (Insolvency) No. 81 of 2017 wherein this Appellate Tribunal, takin....
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....ant is to be granted time to rectify the defects. 22. Section 10 does not empower the Adjudicating Authority to go beyond the records as prescribed under Section 10 and the informations as required to be submitted in Form 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) rules, 2016 subject to ineligibility prescribed under Section 11. If all informations are provided by an applicant as required under Section 10 and Form 6 and if the Corporate Applicant is otherwise not ineligible under Section 11, the Adjudicating Authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I & B Code or Forms prescribed under Adj....
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....Section 13(4) of the SARFAESI Act, 2002 or suit under Section 19 of the DRT Act, 1993 pending before Debt Recovery Tribunal or appeal pending before Debt Recovery Appellate Tribunal cannot proceed in view of the order of moratorium as may be passed. 27. It is also desirable to refer to Section 238 of the I & B Code, as quoted below: "238. Provisions of this Code to override other laws - The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law." In view of the aforesaid provision also, I & B Code shall have the effect notwithstanding anything inconsistent therewith contained in ....