- (1.) The present petition has been filed by the petitioners challenging the order dated 30.09.2019 passed by National Company Law Tribunal, Jaipur (hereinafter referred to as 'the NCLT'). The NCLT while passing the order has exercised the power to initiate proceedings namely Corporate Insolvency Resolution Process (CIRP) against the corporate debtors-petitioners as provided under the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the IBC, 2016').
(2.) Learned counsel for the petitioners Mr. Jeetam Kumar Saini submitted that petition filed by respondent No.3 i.e. M/s Toyota Kirloskar Motor Private Limited is frivolous, vexatious and violative of guidelines, issued for passing such an order.
(3.) Learned counsel for the petitioners submitted that the Court Below has failed to take into account that proper service of notice was not effected under Section 8(1) of the IBC, 2016 on the corporate debtors and on the Director-petitioner.;