BIRENDER KUMAR Vs. ADEL LANDMARKS LTD

JUDGEMENT

(1.) The Applicant has preferred the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against M/s. Adel Landmarks Ltd. The Adjudicating Authority (National Company Law Appellate Tribunal), New Delhi Bench by impugned order dated 18th September, 2017 dismissed the application in view of pendency of winding up proceedings before the Hon'ble High Court, New Delhi in C.P. No. 312 of 2016.

(2.) Similar issue fell for consideration before this Appellate Tribunal in "M/s. Unigreen Global Private Limited Vs. Punjab National Bank & Ors." Company Appeal (AT) (Insolvency) No. 81 of 2017" dated 1st December, 2017, though, that was the case relating to application by 'Corporate Applicant' under Section 10 of the 'I & B Code'. In the said case, this Appellate Tribunal noticed the relevant provisions and observed:

(3.) It is true that the Appellant is not covered by Section 11 of the 'I & B Code', however, we are of the view that the ratio laid down in "M/s. Unigreen Global Private Limited Vs. Punjab National Bank & Ors." is also applicable to the 'Financial Creditor'/'Operational Creditor' for the reasons recorded below.