2018 (12) TMI 1847

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....l against order dated 24th April, 2018 passed in CP (IB) No. 20/9/HDB/2017 by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad wherein the Adjudicating Authority while explained the provisions of Section 11 of the Insolvency and Bankruptcy Code, 2016 (for short I&B Code) observed as follows: 15. Section 11 of the IB Code clearly disentitles or disqualifies a Corporate Debtor undergoing the CIRP to file an application to initiate CIRP against its debtor. 16. The object of the CIRP is to revive the company in the first instance but not to involve the company undergoing CIRP in multifarious litigations. No doubt section 14 did not bar a suit or proceedings or application by Corporate Debt....

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.... the matter has already been settled. 4. In the circumstance while we do not express any opinion with regard to the Corporate Insolvency Resolution Process initiated against S. N. Plumbing Pvt. Ltd., we are of the view that a prima facie case has been made out by the Resolution Professional that S. N. Plumbing Pvt. Ltd. has right to trigger Corporate Insolvency Resolution Process against IL&FS Engineering and Construction Company Ltd., if S. N. Plumbing Pvt. Ltd. is Operational Creditor or Financial Creditor qua IL&FS Engineering and Construction Company Ltd.. However, taking into consideration the fact that 270 days has already over and further time of 90 days under Section 55 of I&B Code is also over and as the moratorium period has co....