9911796707
TMI Blog2019 (11) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... 786.25 (Page 906 of Petition) and a Term Loan of Rs. 21,94,15,069.81(Page 912 of Petition) from the Corporate Debtor. 2. The Ld. Counsels for Petitioner as well as Respondent were present. The Petitioner has stated that the Respondent availed loan facilities starting from June 2009 which were enhanced from time to time. As the Corporate Debtor (Respondent) was not maintaining accounts with the Financial Creditor as per the agreed terms and conditions, the account of Respondent was declared as NPA by Financial Creditor on 30.09.2016. 3. The Respondent was issued a notice by the Petitioner on 30.11.2016 and on subsequent dates as well. Despite the notices, the Respondent failed to pay the outstanding amount to Petitioner. 4. The Ld. Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the case, the Application of the Petitioner is admitted. 8. The Petitioner has proposed Mr. Arvind Garg, registered with Insolvency Professional Agency of Institute of Cost Accounts of India having registration number IBBI/IPA-003/IP-N00029/2017-18/10189, as the Interim Resolution Professional (IRP) and a written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 has been filed by the proposed IRP. 9. As a consequence of the Application being admitted in terms of Section 7 of the Code, moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-section (1) of section 31 or passes an order for liquidation of Corporate Debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be." 11. Based on the above terms, the Application stands admitted in terms of Section 7 of the Code and the Moratorium shall come in to effect as of this date. A copy of the order shall be communicated to the Petitioner as well as to the Respondent above named by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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