- (1.) Counsel for petitioner is present. No representation for the Respondent Falcon Tyres Ltd. Counsel for impleading party is also present. Counsel for impleading party reported no objection for appointing IRP in the main petition.
(2.) Originally, the petitioner M/s. Belthangady Taluk Rubber Grower's Marketing & Processing Co-operative Society Limited, has filed this petition under Section 9 of Insolvency & Bankruptcy Code to initiate Insolvency Resolution Process against the Respondent No.1 Company. In this matter Respondent No.1 Company filed a Writ Petition before the Hon'ble High Court of Karnataka bearing WP Nos. 21489-21490/2017. The Hon'ble High Court has subsequently passed an order dated 07.08.2017 in this matter directing the parties to be present before the Tribunal on 16.08.2017 and a further direction was given to the Tribunal to dispose of the matter within fourteen days from that date.
(3.) This matter was listed from time to time to enable the Respondent No.1 Company, Falcon Tyres Ltd., to file its objections if any. Even though sufficient time was granted to Respondent No.1 Company (Falcon Tyres Ltd.) has not filed its objections. Therefore, the Tribunal treated that since the Company has not filed its objections, filing of their objections was recorded as not filed. M/s. JSN Law Partners have filed their vakalat for the Respondent No.1 Company.;