IN RE Vs. KSS PETRON PRIVATE LIMITED

JUDGEMENT

(1.) The Petition under consideration was filed on 11th July, 2017 by invoking the provisions of section 10 of the Insolvency & Bankruptcy Code 2016 (hereinafter "The Code") by the Corporate Debtor as a Petitioner. The Petitioner has filed this Petition as a Corporate Debtor seeking initiation of Corporate Insolvency Resolution Process against itself.

(2.) Facts in brief:

(3.) From the side of the Petitioner Learned Senior Counsel Mr. Freddie De'vitre appeared and explained that the Petitioner had complied with the requirements of section 10, hence the Petition deserves to be "Admitted". He has explained that the Petitioner had no option but to take help of the newly enacted Code so that the Company can be revived by financial restructuring. According to him, the admitted factual position is that the Debtor Company had committed the "default" of non-payment of the outstanding debt as defined under section 3(12) of the Code. It is intimated that the name of the Resolution Professional is proposed, hence the Debtor Company is hopeful to get some solution of financial problem.