Nikunj Woods Pvt Ltd vs Gujarat Colourlam Private Limited
- CitationCompany Appeal (AT) (Ins) No. 875 of 2022
Ratio decidendi
The rule this decision rests on
An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 must independently satisfy all statutory requirements, including the minimum default threshold, when it is filed; it cannot be treated as filed on the date of an earlier Section 7 application that was subsequently withdrawn, so as to draw on that earlier date for the purpose of the threshold.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
For Appellant: Mr. Anirudh Gupta, Mr. Ashish Gupta, Advocates
For Respondent: None
ORDER
(Through Virtual Mode)
29.07.2022: Heard Learned Counsel for the Appellant.
This appeal has been filed by order dated 8.6.2022 by which order the
Adjudicating Authority rejected the Section 9 application on the ground that the
application does not comply the threshold of Rupees one crore. The application
has been filed u/s 9 on 08.09.2021 i.e. after 24.3.2020.
Learned Counsel for the Appellant submits that he had earlier filed an
application u/s 7 which was permitted to be withdrawn on 02.02.2021, hence,
this application u/s 9 should be taken as filed on the day when he filed section
7 application.
We are of the view that such prayer of the Learned Counsel for the
Appellant cannot be considered. The application u/s 9 filed on 28.09.2021 has
to comply all statutory requirements and if the same do not comply with the
Company Appeal (AT) (Ins) No. 875 of 2022 1 threshold, application u/s 9 is to be rejected. There is no merit in the appeal.
In result, the Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Justice M.Satyanarayana Murthy] Member (Judicial)
[Mr. Barun Mitra] Member (Technical)
Shashi/nn
Company Appeal (AT) (Ins) No. 875 of 2022 2
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