2020 (7) TMI 120

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....editor') against Shree Ram Urban Infrastructure Limited ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench admitted the Application. Action Barter Private Limited, Shareholder has challenged the same on the ground that Winding up Petition against Shree Ram Urban Infrastructure Ltd. has already been admitted by the Hon'ble High Court of Bombay on 5th October, 2016 and Official Liquidator has been appointed as the Provisional Liquidator on and from 15th November, 2017. 2. Learned Counsel for the Appellant submitted that the Provisional Liquidator on 16th April, 2018, upon notice to SREI Equipment Finance Limited, 'Financial Creditor' has taken over the assets and properties ....

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....ate Tribunal that since there was no winding up order by the Hon'ble High Court, the Financial Creditor's petition would be maintainable. As a result of this the Appellant's Appeal was dismissed. 4. When the matter was challenged before the Hon'ble Supreme Court by Forech India Ltd., the Hon'ble Supreme Court referring to different provisions observed and held: '21. The resultant position, therefore, is that we agree with the learned counsel for the appellant that the Appellate Tribunal's reasoning is not correct. Section 11 of the Code specifies which persons are not eligible to initiate proceedings under it. In particular, section 11(d) reads as follows: "11. Persons not entitled to make applications- The ....