INFOGIX INC Vs. MEGASOFT LIMITED

JUDGEMENT

(1.) Under Consideration is a Company Petition filed by Infogix INC (in short, Petitioners/Operational Creditors') against Megasoft Limited (in short, 'Respondent/Corporate Debtor') under section 433 (e) and (f) , 434 (i) (a) and 439 (i) (b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this Tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government Notification Number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016) .

(2.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.

(3.) The petitioner submitted that 1st respondent Company was not able to repay its debts and the prayer was made to appoint Official Liquidator to take charge of the assets of the Company including the books of accounts etc. It was also prayed to grant Interim Injunction restraining the respondent from selling, transferring, alienating and/or creating any third party interest in its immovable properties.