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TMI Blog2018 (3) TMI 1819X X X X Extracts X X X X X X X X Extracts X X X X ..... Code and also imposes the moratorium - petition admitted - moratorium declared. - CP. NO. 1103/1&BC/NCLT/MB/2017 - - - Dated:- 21-3-2018 - Hon'bie Mr. B.S.V. Prakash Kumar, Member (J) AND Hon'ble Mr. Ravikumar Duratsamy, Member (T) For the Applicant: Mr. Amir Arsiwala, Advocate, Mr. Kersi Dastoor, i/b Phoenix Legal for Standard Chartered Bank ORDER Per : Ravikumar Duraisamy, Member (Technical) This Company Petition is filed by Leo Duct Engineers Consultants Limited, under Section 10 of Insolvency and Bankruptcy Code 2016 ( the Code ) read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 for initiation of Corporate Insolvency Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Balance Sheet of the Applicant Company for the year ended 31.3.2017, it IS noted that the company has incurred a loss of crore for the financial year 31.3.2016 and 0.35 crores for the financial year 31.3.2017 and the Reserves and Surplus for the same period was crores and crores. From the analysis Of the Balance Sheet it also revealed that the company had long-term borrowings of ?44.44 crores and *44.26 crores for the same financial years as well as Trade Receivables was 233.11 crores and 03.35 crores respectively. 9. The Corporate Debtor also submitted details of personal properties Of Promoters mortgaged against the debt and the details of Registration of the Charges with the Registrar of Companies, Mumbai. 10. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or has committed default and the petition contains the particulars as required u/S 10 Of the Code. Having satisfied with the Corporate Debtor could not pay/discharge its debt to the abovesaid Financial Creditors and having satisfied with the proposed IRP is also eligible to act as Interim Resolution Professional in the instant case, accordingly, Adjudicating Authority admits the Application for initiation of CIRP under Section 10 of the Code and also imposes the following moratorium: (i) That this Bench hereby prohibits 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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