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TMI Blog2017 (7) TMI 697X X X X Extracts X X X X X X X X Extracts X X X X ..... e in terms of Section 13(a) for the purpose of section 14 of the Code. A direction is issued to the interim resolution professional Shri Sanjay Kumar Agarwal to make public announcement in accordance with the provisions of Section 13(1)(b) of the Code. The corollary of the declaration is that moratorium under Section 14 of the Code shall come in operation from the date of this order. - C.P. NO. (IB) 84 (PB) OF 2017 - - - Dated:- 27-6-2017 - MS. DEEPA KRISHAN, J. For The Petitioner : Umesh Mishra, Adv. ORDER This is an application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') by a Non- Banking Financial Company with a prayer to initiate Corporate Insolvency Resolution Proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan was lent to the Corporate Debtor for a period of 24 months from the date of ICD Agreement. In other words, it was payable on 24-04-2016 as the Corporate Debtor has agreed to repay it on or before the aforesaid date. It was to bear a simple rate of interest of 9.5% per annum. The interest was payable quarterly on arrears. On account of interest a sum of ₹ 8,17,70,274/- (Rupees Eight Crore Seventeen Lakh Seventy Thousand Two Hundred and Seventy-Four) is outstanding till 07-03-2017 which is evident from the ledger account of the Corporate Debtor as maintained by the Financial Creditor during the ordinary course of its business (Annexure P/6). The Corporate Debtor has also alleged that TDS certificate for tax deducted for the year 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut in the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations 2016. The Insolvency Professional has undertaken to perform his duties faithfully and to the best of his skill and ability He has also declared that he has no direct or indirect interest in the business related to the Financial Creditor or the Corporate Debtor and that he is not disqualified as per the First Schedule of the regulations. The Financial Creditor has also filed an affidavit of service dated 08-05-2017 disclosing that a copy of the paper book was sent to the Corporate Debtor on 27-04-2017. Even a copy of the mentioning letter was sent on 01-05-2017 through speed post. The postal receipts have already been placed on record and the tracking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 10. The aforesaid prohi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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