TaxTMI 
TaxTMI 
2017 (11) TMI 1945
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....eferred by the Respondent-M/s. BASF India Ltd. ('Operational Creditor) under Sections 433 and 434 of the Companies Act, 1956 has been treated to be an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I & B Code") read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "Adjudicating Authority Rules, 2016"), the order of admission and Moratorium has been passed, name of 'Interim Resolution Professional' has been called for from the 'Insolvency and Bankruptcy Board of India' (hereinafter referred to as "Board") with further prohibitory orders in terms of 'I & B Code'. 2 . Learned counsel for....
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....ct, 1956 before the Hon'ble High Court of Madras in C.P. No. 495 of 2015 claiming a sum of Rs. 1,98,75,342/- from the Appellant- 'Corporate Debtor'. 5. After constitution of the Tribunal, pursuant to the Notification No. G.S.R. 1119(E) : MANU/DCAF/0145/2016 dated 7th December, 2016, issued by Central Government under sub-section (1) and (2) of Section 434 of the Companies Act, 2013 read with sub-section (1) of Section 239 of the 'I & B Code', the case was transferred to Adjudicating Authority, Chennai and re-numbered as TCP/528/(IB)/2017. 6. It was submitted on behalf of the Appellant that the Appellant-'Corporate Debtor' did not receive any notice of the transfer of the proceedings from the Hon'ble High Co....
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....llant has not been disputed by the Respondent. 9. Learned counsel for the Appellant has enclosed the Central Government notification dated 7th December, 2016 issued from the Ministry of Corporate Affairs. By the said notification, in exercise of the powers conferred under sub-sections (1) and (2) of Section 434 of the Companies Act, 2013 read with sub-section (1) of Section 239 of the 'I & B Code', the Central Government framed "The Companies (Transfer of Pending Proceedings) Rules, 2016". 10. Rule 5 relates to transfer of pending proceedings of winding up on the ground of inability to pay debts which are to be transferred from the Hon'ble High Court's to the respective Tribunal and reads as follows:- ""5. Transfer of pe....
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.... 11. From the aforesaid Rule 5, it is clear after transfer of the case the Applicant (Respondent herein) was required to submit all information, other than in formation forming part of the records transferred from the High Court, for admission of the petition under Sections 7, 8 or 9 of the 'I & B Code', including details of the proposed 'Insolvency Professional' within sixty days, failing which, the petition shall stand abated. 12. As per Section 9 of the 'I & B Code', before admission of application and its filing, a demand notice under sub-section (1) of Section 8 is required to be issued on the 'Corporate Debtor', as quoted below:- "8. Insolvency resolution by operational creditor.-- (1) An operationa....
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....ffidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Annex V Written communication by the proposed interim resolution professional as set out in Form 2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Annex VI Proof that the specified application fee has been paid." 15. Admittedly, no notice was issued under sub-section (1) of Section 8 of the 'I & B Code'. In terms with Rule 5, other informations were also not placed before the Adjudicating Authority. 16. The Respondent having failed to provide all the details as required under Form-5 as noticed above, the application under sections 433 and 434 of the C....