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TMI Blog2017 (4) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by it (i.e. Raman Ispat) from the Union Bank of India but such could not be paid . Thus there is default of amount of 948 lacs (inclusive of interest). It is also informed that a demand notice was issued by the Union Bank of India to the Corporate Applicant vide its notice dated 14.09.2015 and by calling upon the notice to make payment of Rs. 500 lacs; Rs. 250 lacs towards L.C and further Rs. 10 lacs towards audi limit, other loan facilities availed by the Corporate Debtor. The Bank in its notice has stated that the borrower /Corporate Debtor has executed necessary security document in favour of the Bank by creating mortgage of assets charges were registered with Registrar of Companies. However, above mentioned loan accounts became irre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence on 26.08.2015 before Board for Industrial & Financial Reconstruction under the relevant provisions of Sick Industrial Companies (Special Provisions) Act, 1985. Later on being subsequent development took place due to statutory change after enactment of Insolvency & Bankruptcy Code, 2016 the proceeding before BIFER stood abated. hence, the Corporate Applicant has submitted present Application. We examine the contents of application and perused the document on record. It is matter of record that during the filing of present application, registry of this Bench pointed out some defects to be cured in the present Company Petition. Therefore, having heard the Learned Chartered Accountant for the corporate applicant this tribunal communicate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. (2) The supply Of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of its property including any action under the SARFESI Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 3. That the supply of essential goods or services to corporate debtor, if continuing, shall not be terminated or suspended interrupted during the Moratorium period. 4. That the provisions of Section 14 sub - section (I) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 5. That this Bench hereby appoints Mr. Praveen Bansal Email. ld pkbansal1100@ gmail.com Registration No. IBBI/IPA-001/IP--00164/2016-17/ 1179, Address : J- 347 Sarita Vihar , New Delhi - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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