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TMI Blog2017 (6) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... rder in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (a) However, the supply of goods and essential services to the corporate debtor shall not be termi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iabilities as on 8.5.2017 vide Annexure -10 . 5. Petitioner stated that notice under Section 13(2) of the SARFAESI Act was issued by the Secured Creditor. Petitioner also stated that and Income Tax Department, Sales Tax Department and Assistant Provident Fund Commissioner issued Demand Notices to the Petitioner. 6. Petitioner named Interim Insolvency Resolution Professional in the Petition. Petitioner filed copy of the order passed by the BIFR in Case No. 36/2010. A perusal of the same disclose that the reference made by the Petitioner Company has been abated under the Third Proviso of Section 15(1) of SICA as SBI has taken and completed action under Section 13(4) of SARFAESI Act. Petitioner also stated that SBI filed Original Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order on the Creditor and file proof of service. On 18th May, 2017, Petitioner filed documents relating to the proceedings before the DRT and BIFR. Petitioner also filed proof of service of notice on the Financial Creditor. The Financial Creditor appeared through its Counsel. 10. On 23.5.2017, learned Counsel for the State Bank of India filed its Objection whereby SBI opposed for the appointment of Shri Devendra Padamchand Jain, proposed by the Corporate Applicant on the ground that he represented the Corporate Applicant in the Meeting of the Creditors held by the Bank. SBI has requested this Adjudicating Authority to appoint, Shri Premraj Ramratan Laddha, CA as 'Interim Resolution Professional'. 11. After hearing of argume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner (Corporate Applicant/Corporate Debtor) committed default. Petitioner, being the Corporate Applicant/ Corporate Debtor, admitted that he has committed default in repayment of loan to the Secured Creditor as well as Operational Creditors and other Governmental authorities which includes mortgage of properties. It is stated by the learned Counsel for the Petitioner that no liquidation order has been passed in respect of the Petitioner. 16. The proceedings under the SARFAESI Act abated because the Bank has already taken action against the Company. It is also stated by the learned Counsel appearing for the Petitioner that the SBI filed OA No. 61/2008 before the DRT, Ahmedabad and it is pending. The Corporate Applicant, along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. 21. Hence, Shri Arun Kumar Malani, having IP Registration No. IBBI/IPA-001/IP-00040/2016-17/1724 dated 23rd May, 2017 and residing at 6-1-68/33, Dream Valley, P306 PVNR, Shivrampally, RR District-500005, A-43, PR12, Hyderabad Telangana, is appointed as Interim Insolvency Resolution Professional who filed Form-2 and Certificate of Registration issued by the Insolvency and Bankruptcy Board of India. This Adjudicating Authority also directs the Corporate Applicant to make a public announcement in terms of Clause (b) of sub-s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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