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TMI Blog2018 (11) TMI 1646X X X X Extracts X X X X X X X X Extracts X X X X ..... djudicating Authority to admit the application if it is complete. When the language of the Code is clear and explicit, the Adjudicating Authority must give effect to it, whatever be the consequences. The present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present petition is Admitted - Moratorium also declared. - CP (IB) No. 940 (ND)/2018 - - - Dated:- 20-11-2018 - Ms. INA Malhotra, JUDICIAL MEMBER For the Appellant : Sumit Pahwa And Varun Sharma, Advs. For the Respondent : Ashish Rana, Adv. ORDER 1. This is an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for bre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port Bank of India, but due to operational damage it had become difficult for the corporate Debtor to repay its loans, as per schedule agreed upon for availing financial assistance. 6. On January 30, 2018, the Corporate Applicant met with the representatives of the Export-Import Bank and PFC to put forward a restructuring proposal for the repayment of loans. However, they could not arrive at an possible agreement. The plant which was merely operating at 15% of its total capacity generated only a nominal revenue, insufficient to meet the liabilities of the Corporate Debtor. 7. The Loan account maintained with Exim Bank turned sticky, and the account of the applicant was declared as a Non-Performing Asset (NPA) vide letter d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y has obtained a written communication in Form-2 from the Insolvency Professional for appointment as an IRP. In the Form-2 filed along with the application it has been affirmed by the Proposed IRP that he is a registered Insolvency Professional and qualified to practise as an Insolvency Professional. Further it has been affirmed that there are no disciplinary proceedings pending against the proposed IRP. 12. In view of the above it is clear that a default has occurred and the present application under Section 10 is complete and that the applicant is not ineligible under Section 11 of the Code. Further all requirements prescribed under sub-section 3 (a) and (b) of Section 10 of the Code have also been complied with. 13. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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; recovery of any property by an owner or lessor where such property is occupied, by or in the possession of the corporate debtor. It is further directed that: 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. The provisions of sub-section (1) of section 14 of the Code shall not apply to such transactions as may be notified by the Central Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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