2022 (10) TMI 698

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....y (Application to Adjudicating Authority) rules, 2016 for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as 'CIRP') against M/s. Crystal Facilities Management Pvt. Ltd. for the alleged default on the part of the Respondent in settling an amount of Rs. 53,26,52,972 (Rupees Fifty Three Crore Twenty Six Lakhs Fifty Two Thousand Nine Hundred and Seventy Two) as on 11.05.2022. 2. During the course of proceedings, it was noted that the Corporate Debtor's name had been struck off from the register of companies maintained by the RoC. Therefore, whether CIRP should be initiated against the Corporate Debtor or not can only be decided after deciding the maintainability of the present Section 7 application....

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....n their respective position for the purpose of initiation of 'Corporate Insolvency Resolution Process' under Sections 7 and 9 of the I&B Code based on the application, if filed by the 'Creditor' ('Financial Creditor' or 'Operational Creditor') or workman within twenty years from the date the name of the Company is struck off under sub-section (5) of Section 248. In the present case, application under Section 7 having admitted, the 'Corporate Debtor' and its Directors, Officers, etc. deemed to have been restored in terms of Section 252(3) of the Companies Act." 4. Further, the Hon'ble NCLAT in the case of Elektrans Shipping Pvt. Ltd. vs Pierre D'Silva Company Appeal (AT) (Insolvency) No. 754....

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....orporate Persons' under Section 59 of the I&B Code, procedure of 'Corporate Insolvency Resolution Process' is to be followed, if a proceeding is initiated under Sections 7 or 9 of the I&B code. Instead of liquidation, the first step to be taken is to ensure that in a time bound manner the value of assets of Corporate Debtor/Company is maximized and to promote entrepreneur ship, availability of credit by balancing the interest of all the stakeholders; within an active legal framework for timely resolution of insolvency and bankruptcy. Liquidation of assets of the 'Corporate Debtor'/Company is not the object, but object is revival and rehabilitation of the 'Corporate Debtor'/Company by way of 'Resolution' a....