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TMI Blog2017 (7) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... m.net.in, whose name also figures in the latest list of Insolvency Professionals issued by the Insolvency Bankruptcy Board of India is appointed as an Interim Resolution Professional. In pursuance of Section 13 (2) of Code, we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) (d). - C.A. No. (IB)-202(PB)/2017 - - - Dated:- 26-7-2017 - CHIEF JUSTICE M.M.KUMAR HON'BLE PRESIDENT AND MS. DEEPA KRISHAN HON'BLE MEMBER (T) For the Financial Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Ministry of Corporate Affairs and the Memorandum of Association available with the 'PNB-Financial Creditor' (Annexure-3). 2. The 'Financial Creditor' has also named Shri Mahender Kumar Khandewal, Golf Course, Gurgaon (Regn. No. IBBI/IPA- 001 /IP-P00033/2016-17/ 10086), which satisfied the requirement of Section 7(3)(b) of the Code. 3. The 'Financial Creditor' has also given the details of Financial Debt, Working Capital Facilities, Details of Term Loan and External Commercial Borrowings Facilities. In part-IV of the application, which is on a proforma prescribed under Rule-4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code, has given the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies is 01.02.2016. In respect of term loan, the initial date of default is 01.03.2016 and the defaulted amount under the Term Loan Agreement I as on 31.05.2017 is ₹ 17,04,00,000/- (Rupees Seventeen Crores and Four Lakhs Only). Likewise, In respect of Term Loan Agreement Il, the defaulted amount is claimed to be ₹ 34,73,00,000/- (Rupees Thirty Four Crores and Seventy Three Lakhs Only) and the initial date of default by the 'Corporate Debtor is 01.11.2016. There are further illustration of defaulted amount in respect of Term Loan Agreement III, IV, V, VI and VII and the details are available on record (pgs. 13-15). In respect of ECB Facility Agreement-I, Il and Ill, again defaulted amount has been specified in US Dollar at pag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nch in the case of Bank of India v. Tirupati Infra Projects Pvt. Ltd. (C.P. No. (IB)104(PB)/2017 decided on 03.07.2017). 8. We have also heard Shri Bishwajit Dubey, learned Counsel for the 'Financial Creditor' who has taken us through the various paras of the application as already recorded in the preceding paras and we have also expressed our satisfaction with regard to fulfilling the requirements of the Code by the 'Financial Creditors'. 9. As a sequel to the above discussion, this petition is admitted and Mr. Mahender Kumar Khandewal, 703, 7th Floor, New Delhi House, Barakhamba Road, Connaught Place, New Delhi-110 001, [email protected], whose name also figures in the latest list of Insolvency Professionals issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. 12. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, interalia, by Sections 15, 17, 18, 19, 20 21 of the Code. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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