Can a resolution professional trigger CIRP?September 19 2018
In a ‘unique application’ filed before a New Delhi bench of the NCLT, the resolution professional of a company undergoing corporate insolvency resolution process (CIRP) sought to trigger insolvency of its own debtor.
Mandhana Industries Limited was admitted into CIRP in September 2017. The resolution professional of Mandhana Industries sought to trigger insolvency against Instyle Exports Private Limited, for default on payment relating to the supply of fabrics. The resolution professional of Madhana Industries thus filed an application with the NCLT under Section 9 as an operational creditor.
Section 11 of the Insolvency and Bankruptcy Code (IBC), inter alia, expressly . . .
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