2020 (1) TMI 1266

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Member ( J ) And V. Nallasenapathy , Member ( T ) For the Appellant : Yasmeen M. Sabir, Advocate For the Corporate Debtor : Gaurav Joshi, Sr. Advocate, Dev Parek and Hrishikesh Nandkarni, Advocates For the Intervenors : Gautam Ankhad and Shyam Kapadia, Advocates ORDER Bhaskara Pantula Mohan , Member ( J ) 1. This Miscellaneous Application No. 3059/2019; has been filed by the Sama....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Corporate Debtor and no Interim Resolution Professional was appointed. In view of the same, since no IRP was appointed, CoC could not be formed. 4. Following Intervention Applications/Miscellaneous Applications have been filed by various creditors before the Tribunal, pleading a serious objection against the 12A Application for withdrawal filed by the Petitioner: MA No. 3781/2019; MA No. 378....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....editor'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 co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....herefore, the insolvency commencement date has not yet arrived. 7. Herein, it is important to note that due to an inadvertent omission by this Tribunal, the Corporate Debtor and the Petitioner cannot use it to their advantage. Therefore, we place reliance on Hon'ble Supreme Court in the case of Alchemist Asset Reconstruction Company Ltd. vs. Hotel Gaudavan Pvt. Ltd. & Ors. wherein it was he....