P.K. Saikia, Member - (1.) The Central Bank of India, the Financial Creditor (FC) had filed an application under Section 7 of the Code of 2016 (in short, the Code of 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short, the Rule of 2016) seeking initiation of corporate insolvency resolution process against Assam Company India Limited (in short 'CD') .
(2.) " The said application was scrutinised in accordance with the prescription rendered in Insolvency & Bankruptcy Code, 2016 (in short 'Code of 2016') and the Rules framed there- under. Certain defects were noticed in the application and accordingly, the FC was directed to rectify the same. In response to such direction, the CD had rectified the defects notified.
(3.) Following the rectification of the defects, pointed out, the Adjudicating Authority (in short "the AA") had issued notice upon the CD requiring it to submit objection, if any, against the prayer seeking admission of the application U/s. 7 of the Code of 2016. The CD in response to such direction entered appearance and filed written objection to which the FCtoo filed reply.;