IN RE Vs. ENABLE PROSPERITY CONSULTANTS PVT LTD

JUDGEMENT

(1.) Learned Counsel for the petitioner, at the outset, requests for withdrawal of the petition with a liberty to file fresh one. The part of the request granting liberty is opposed on the ground that on 02.03.2017, similar liberty was granted to withdraw an earlier petition which was filed in the Hon'ble High Court under Section 433, 434 and 439 of the erstwhile Companies Act, 1956 and therefore, once liberty is granted, no liberty should a be granted second time.

(2.) The Insolvency & Bankruptcy Code, 2016 and the notification issued thereunder are in the realm of being understood by the learned member of the Bar completely.

(3.) The first petition filed in the High Court was permitted to be withdrawn to enable the petitioner to file a Company Petition under Section 9 of the IBC. There were various defects pointed out by the learned Counsel for the respondent. Under Section 9(5) of the Code, there is a time line prescribed for triggering the Corporate Insolvency Resolution Process within 14 days.