TaxTMI 
TaxTMI 
2022 (5) TMI 655
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....(IB) No. 129/ALD/2020. IA No. 25/ALD/2021 2. The Application No. 25/ALD/2021 in CP(IB) No. 129/ALD/2020 was first taken up for consideration. Mr. Akhilesh Kalra, Ld. Counsel for the Applicant in Intervention Petition No. 25/ALD/2021 appeared and submitted that proceedings under section 7 of the Insolvency & Bankruptcy Code ("IBC" or "the Code") should not be proceeded with as there was a stay on those proceedings by the order of the Hon'ble Allahabad High Court in PIL No. 29523/2014. He sought to draw our attention to the relevant paras of an order dated 30.10.2014 passed by the Hon'ble Allahabad High Court in the said writ petition, which effectively ensured that the security interest of the financial creditors had been made subs....
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....are of this fact, could have approached the competent constitutional courts to obtain clear-cut directions on the fate of application was filed by the Financial Creditor. This has not been done. There is nothing in the intervention petition that inhibits us from hearing the present section 7 petition. 5. Therefore, in these circumstances, IA No. 25/ALD/2020 is dismissed as devoid of any merit. CP (IB) No. 129/ALD/2020 6. Now we proceed to deal with the main company petition filed under 7 of the Insolvency and Bankruptcy Code, 2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Punjab National Bank (hereinafter referred as the Financial Creditor), seeking initiation of Corporate In....
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.... a default had occurred, hence, the application was liable to be admitted. It was further submitted that the Financial Creditor has also proposed the name of the IRP to conduct CIRP Reply On Behalf Of The Corporate Debtor 10. During hearing, the learned counsel appearing on behalf of the Corporate Debtor submits that the OTS proposal has been given to the bank and was under consideration of the bank and in the reply filed by the corporate debtor they have stated that several requests has also been made by the corporate debtor to the applicant for regularising the loan account of the corporate debtor. Findings & Conclusion 11. We have considered the submissions made on behalf of the Financial Creditor and material on record. Having discu....
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....e resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. iv) Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. v) Mr. Shravan Kumar Vishnoi [Reg. No. IBBI/IPA-002/IP-N00040/2016-2017/10079], having address at BCC Tower, 1008, 10th Floor, Arjun Ganj, Near Saheed Path, Lucknow, Uttar Pradesh 226002, having AFA No. AA2/10079/02/081122/201499, to act as the IRP under Section 13(1)(c) of the Code is hereby appointed as the Interim Resolution P....