In the matter of JSM Oilfield Services Private Limited
- CitationTP (Co. Act )-06(PB)-2023 in Old CP No. 15-2016
Ratio decidendi
The rule this decision rests on
The order rests on a procedural ground: that a winding-up petition under Sections 433(e) and 433(f) of the Companies Act, 1956, which has been transferred to the Tribunal under Section 433(1) of the Companies Act, 2013, falls to be dealt with as an application for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, and that the Tribunal may call upon the regulator to prescribe, through the CIRP Regulations, the appropriate form of application (Form 1, Form 5 or Form 6) to be filed in such cases according to the category of applicant.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI PRINCIPAL BENCH ITEM No. 23 TP (Co. Act )-06(PB)/2023 Old CP No. 15/2016 IN THE MATTER OF: Kirron Dutta … Applicant/Petitioner Vs JSM Oilfield Services Private Limited … Respondent Order under Section 433(e)/433(f) of the Companies Act, 1956. Order delivered on 03.06.2024 CORAM: JUSTICE RAMALINGAM SUDHAKAR HON’BLE PRESIDENT SH. AVINASH K. SRIVASTAVA HON’BLE MEMBER (TECHNICAL) HYBRID HEARING (PHYSICAL & VC) PRESENT: For the Applicant : Mr. John Mathews, Advocate through VC (appearance not marked) For Respondent : Ms. Nishtha Grover, Mr. Monish Surendran, for Respondent ORDER This matter is posted for dismissal today. On 20.05.2024, we had asked the Ld. Counsel for the applicant to upload Form-1 as prescribed under Rule 4 of The Insolvency & Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016. Ld. Counsel Mr. John Mathew for the petitioner appeared through VC and stated that he is an Operational Creditor and undertakes to file it in an appropriate form and upload it on the DMS/E portal. At the request, list the matter on 30.07.2024 with the same caption of ‘list for dismissal’. Meantime, Ld. Counsel seeks further time to comply with the directions given vide order dated 08.08.2023.
We deem it appropriate to ask IBBI to make a relevant provision in the CIRP regulations to deal with cases pertaining to the winding up of the companies which now have been transferred to this Tribunal under Section 433(1) of the Companies Act, 2013 to be taken up as an application for initiation of CIRP under IBC, 2016. For the purpose, the Regulations may stipulate that the applicant shall file appropriate Forms i.e. Form– 1 in the case of Financial Creditor under Section 7 of the IBC, 2016, Form – 5 in the case of Operational Creditor under Section 9 of the IBC, 2016 and Form – 6 in the case of Corporate Applicant under Section 10 as prescribed in the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 The registry is hereby directed to send a copy of this order to the IBBI.
-sd- (RAMALINGAM SUDHAKAR) PRESIDENT -sd- (AVINASH K. SRIVASTAVA) MEMBER (TECHNICAL) Dipak – 03.06.2024
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