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TMI Blog2019 (6) TMI 1331X X X X Extracts X X X X X X X X Extracts X X X X ..... ra and Mr. P.K. Singh, Advocates ORDER The main appeal has been preferred by the Appellant- Mr. Ranvir Ranjit, Director and Shareholder of 'Rayala Corporation Pvt. Ltd.'- ('Corporate Debtor') against the order dated 12th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, admitting the application of the 1st to 7th Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) and thereby appointing an 'Interim Resolution Professional' while passing the order of 'Moratorium'. 2. The Appeal was listed on 29th October, 2018, wherein after considering the contentions of the Appellant, this Appellate Tribunal was pleased to direct as follows: "....... ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the Appellant submits that the monthly instalment with regard to the abovementioned loan accounts are payable and the same are discharged in terms of various assignment deeds executed between the 'Corporate Debtor' and 'LICHFL'. The 'Corporate Debtor' has also entered into various tripartite agreements with the tenants and 'LICHFL' in terms of which the rent payable by each tenant is deposited in an Escrow Account maintained with Axis Bank, Mylapore Branch, Chennai, Tamil Nadu. 6. According to learned counsel for the Appellant, after deducting the monthly instalment payable, 'LICHFL' releases the excess amount which is accordingly utilised by the 'Corporate Debtor' for day to day operational expenses including but not limited to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; xxx (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; xxx xxx ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch other action as may be required for the purpose of recovery of the said Receivables in its own name/ rights and as a legal assignee or the transferee thereof and not as a representative or agent of the Assignor. 2. That in consideration of the Deed/ Agreement executed between the Lessee/ Licensee and the Assignor, the Assignor hereby warrants and confirms to LICHFL that the Lessee/ Licensee shall henceforth pay to LICHFL directly or through an Escrow Account as defined hereunder the Receivable pertaining to the said Premises falling due by virtue of the Deed/ Agreement as mentioned above...." 12. The 'Agreement for Assignment of Rent' shows that the assignment deed has been reached between Mr. Ranjit Pratap, Managing Director and Au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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