2019 (2) TMI 1676

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.... filed by 'M/s. Gulf Oil Lubricants India Limited'- ('Operational Creditor') for initiation of the 'Corporate Insolvency Resolution Process' against 'Eastern Coalfields Limited'. The said application has been admitted by impugned order dated 19th December, 2018 by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata. The present appeal has been preferred by 'Coal India Limited'. 2. On 22nd December, 2018, when the matter was taken up, taking into consideration the submissions made by learned Senior Counsel for the Appellant, the following order was passed:  "22.12.2018 Learned Senior Counsel referred to the impugned order and enclosures annexed thereto, to suggest that the principal amount had ....

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....ade prior to the constitution of the 'Committee of Creditors'. 6. In the case of 'Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors. - Writ Petition (Civil) No. 99 of 2018', the Hon'ble Supreme Court observed as follows: "52. It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9, the proceeding that is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is to oversee the resolution process must be consulted before any individual corporate debtor is allowed to settle its claim. A question arises as to what is to happen before a committee of creditors is constituted (as per ....