9911796707
TMI Blog2017 (4) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel: CA Ms. Ritu Rastogi ORDER (Per Mr. H. P. Chaturvedi, Member-Judicial) The present Application is filed on behalf of the Corporate Applicant/ Corporate Debtor under Section 10 of Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Applicant / Debtor has stated that a debt of 7, 50 lacs has been raised 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 not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice under the SARFESI Act for taking possession of the Scheduled Property as security given to the Bank. In view of the above stated facts and circumstances, the Corporate Applicant has prayed for the triggering the process of Insolvency Resolution Process and to appoint Interim Resolution Professional. It is also matter of record that Corporate Applicant/ Debtor had also filed reference 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 Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... namely: - (a) the institution of suits or continuation of pending suits or proceedings 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it or proceedings against the corporate debtor including execution of any judgement ,decree or order in any court of law, tribunal ,arbitration panel or other authority ; transferring , encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein ; 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 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 suspen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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