Application Misusing Insolvency Code Section 10 Rejected; Attempted Asset Protection for Group Company Loan Highlighted.

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....Initiation of CIRP - a perusal of the present Application would go on to show that it has been filed by the Applicant with an ulterior motive to usurp the provisions of Section 10 of the I&B Code, 2016 for the purpose of protection of the asset which has been given for the benefit of a group company, in order to secure the loan availed from the Financial Creditor. The reason stated by the Corporate Applicant for filing its Application under Section 10 of the I&B Code/2016, is viewed by this Authority as a process of subverting the primary object of the I&B Code, 2016 - Application rejected - Tri....