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ARTICLE · 12 AUGUST 2020

Orders Under Insolvency And Bankruptcy Code, 2016 WRT Corporate Persons - July 2020

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In the present case, the National Company Law Tribunal, Kolkata Bench vide its order dated 20.05.2020 admitted the application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 stating that the Central Government Notification ...

IndiaInsolvency/Bankruptcy/Re-Structuring
Manoj Singh
Manoj Singh
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Kumar Deep
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Jatin Kapoor
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1. Notification u/s 4 of the Code raising the minimum default limit will do not apply to the applications pending for admission

Foseco India Limited Vs. Om Boseco Rail Products Limited

[CP (IB)No.1735/KB/201]

In the present case, the National Company Law Tribunal, Kolkata Bench ("NCLT") vide its order dated 20.05.2020 admitted the application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code") stating that the Central Government Notification u/s 4 of the Code dated 24.03.2020, raising the minimum default limit will do not apply to the applications pending for admission.

An application was filed by the Foseco India Limited ("Operational Creditor") under section 9 of the Code against Om Boseco Rail Products Limited ("Corporate Debtor") for the default of payment against the invoices raised by the Operational creditor. NCLT allowed the application by ex-parte order due to the absence of the Corporate Debtor with a direction to pay

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