RAMESH SUBBARATHAM IYER Vs. HARISH TANEJA

JUDGEMENT

(1.) Both these applications are being disposed of by this common order, as almost similar question of facts and law arise for disposal of these applications.

(2.) Ca No.177 of 2017 is filed under Rule 11 of the National Company Law Tribunal Rules, 2016 by Ramesh Subbaratham Iyer stated to be a financial creditor of M/s. Swan Aluminiums Pvt. Ltd. the corporate debtor.

(3.) The brief history of the case is that the respondent No.2 as a creditor of corporate debtor filed CP No.209/2016 for winding up of the company under Sections 433 (e) and 434 of the Companies Act, 1956 for its inability to pay the debt. The petition filed before the Hon'ble High Court is dated 7th November, 2016. On transfer of the petition to this Tribunal in terms of Companies (Transfer of Pending Proceedings) Rules, 2016, the petition was proceeded under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') . The Financial Creditor filed application in Form I as prescribed in Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') and assigned RT CP (IB) No.58/Chd/CHD/2017.