9911796707
TMI Blog2017 (6) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... cess of 'Moratorium' as prescribed under Section 14 of The Code shall come into operation i.e. prohibition of institution of suit, transferring/alienating any asset of the Corporate Debtor, prohibition of foreclosure of recovery including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of any Security Interest Act. The appointment of proposed Interim Resolution Professional viz, Mr. Vipul K Choksi is confirmed, who shall perform the duties as assigned under Section 18 of The Code. He is directed to inform the progress of the Resolution Plan and the compliance of the direction such as Public Announcement to this Bench on or before 28th of June, 2017. The Petitioner shall also act upon under the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are several Banks as Secured creditors having principle outstanding amount of ₹ 6,341,082,097/- as per the statement annexed. 4. Annexed documents have further revealed the position of the accounts of the Operational Creditors . The Operational Creditors have supplied Goods and Services and the credit balance as on 15-05-2007 amounted to ₹ 7,074,765,870/-, as per annexure attached to the Petition. 5. The area of operation of Section 10 of The Code is that where a Corporate Debtor has committed a default, a Corporate Applicant thereupon may file an application for initiating Corporate Insolvency Resolution Process with the Adjudicating Authority (i.e. NCLT). This section further prescribes that the Adjudicating Authority ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1986) shall stand abated: Provided that a company in respect of which such appeal or reference or inquiry stands abated under this clause may make reference to the National Company Tribunal (NCLT) under the Insolvency and Bankruptcy Code 2016 within one hundred and eighty days from the commencement of the Insolvency and Bankruptcy Code, 2016 in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016. Provided further that no fees shall be payable for making such reference under Insolvency and Bankruptcy Code 2016, by a company whose appeal or reference or inquiry stands abated under this clause 6.1 The Petitioner has further narrated the facts in the petition reproduced below:- P S Jewellery Ltd. the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 17-06-2016 passed by Board for Industrial Financial Reconstruction (BIFR) bearing Case No. 42/2015, nevertheless with a prayer to deal with the issue under the provisions of the new Code. 7. The Petitioner has proposed the name of the Interim Resolution Professional viz. Mr. Vipul K Choksi, 38, Bombay Mutual Building, Dr. D.N. Road, Fort, Mumbai - 400 001, and other details are available in the pleadings. The said Insolvency professional has given an undertaking on Form No.2 declaring that no disciplinary proceedings are pending against him, hence eligible to be appointed as a Resolution Professional. 8. Before I proceed further it is worth to clarify a legal question that whether two parallel proceedings i.e. one before the Respe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebt but there was no provision in the said Act to involve other creditors. Therefore the import as also the significance is that all the other creditors should also be provided an equitable option to assume and/or undertake due legal recourse for redressal under some other Statute. In the wisdom of Hon'ble Legislatures a new Act/Code is therefore needed to safeguard the interest of all the creditors, thus resulted into enactment of Insolvency Bankruptcy Code 2016. As a result it can be safely concluded that the provisions of I B Code 2016 are not in conflict with the provisions of SARFAESI Act. 9. Certain conditions precedent for Admission of a Petition under I B Code are required to be accomplished. On due consideration of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
