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TMI Blog2017 (7) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... nts have been filed and an Interim Resolution Professional has also been proposed. The petitioner itself has admitted default. Accordingly, we hold that the Petition merits admission and the same is accordingly admitted. Keeping in view the object of the 'Code' namely to get rid of 'NPA' accounts and allow the dead investment to come into circulation. We were in fact disposed to the view of refusing Moratorium in the present case for the above reasons but have not taken that extreme view. However, the resolution in the present case must conclude within 180 days. No further time would be warranted unless creditors decide otherwise. The Interim Resolution Professional shall perform all other duties cast upon him in accordance with the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 (PB)/2017 : 2. M/s. Clutch Auto Limited has approached this Tribunal under Section 10 of 'the Code' read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 (for brevity 'the Rules'). According to averments made in the petition, the 'corporate debtor' was incorporated as a private limited company on 13.05.1971 and thereafter, it was converted into public limited company on 23.01.1982. The authorized share capital of the corporate debtor is ₹ 30 crores (Thirty crores) and the paid-up capital was ₹ 18,76,04,300 (Eighteen Crores Seventy six lacs and four thousands three hundred only). Vide Board Resolution dated 14.12.2016, Mr. V.K. Mehta, Chairman Managing D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , particulars of any debt owed by or to the 'corporate debtor' or by persons connected to it (Annexure-8) have also been placed on record along with guarantees given in relation to the debts (Annexure P-9). It has also given details of the members of the 'corporate debtors' along with their share holding as on 31.01.2017 (Annexure P-10). An affidavit in support of the Petition has also been filed. It has also been revealed that a reference was filed before the BIFR and the order of admission of reference passed in 2014 has been placed on record (Annexure P-12). A copy of the extract of minutes of the working capital consortium members of the company held on 17.12.2012 approving TVE Study/restructuring package by banks along ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluding 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. (2) The supply of essential goods or services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of 'NPA' accounts and allow the dead investment to come into circulation. We were in fact disposed to the view of refusing Moratorium in the present case for the above reasons but have not taken that extreme view. However, the resolution in the present case must conclude within 180 days. No further time would be warranted unless creditors decide otherwise. 7. The Interim Resolution Professional shall perform all other duties cast upon him in accordance with the provisions of the code like making of public announcement, taking over the affairs of the management of the corporate debtors and many other duties as per the Code. 8. We make it clear that the operational creditors in IB No.20(PB)/2017 may file its claims before the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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