9911796707
TMI Blog2020 (1) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... equest was not acceded to. The Corporate Debtor admitted the debt to be payable to the Financial Creditor and it is default on their part. These are only facts being considered for admission of the Corporate Debtor in CIRP under Section 7 of I B Code, 2016. The application is defect free. Application admitted - moratorium declared. - CP (IB) NO. 644 (KB) OF 2019 - - - Dated:- 21-10-2019 - Madan B. Gosavi, Judicial Member And Virendra Kumar Gupta, Technical Member Debasish Chakrabarti, Adv. and Trish Saha, Adv. for the Appellant. ORDER Madan B. Gosavi, Indiabulls Consumer Finance Limited (Financial Creditor) filed this application under Section 7 of Insolvency and Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture the loan but their request was not acceded to. 4. It appears to us that the Corporate Debtor admitted the debt to be payable to the Financial Creditor and it is default on their part. These are only facts being considered for admission of the Corporate Debtor in CIRP under Section 7 of I B Code, 2016. The application is defect free. Hence we pass the following order. ORDER (i) The application filed by the Financial Creditor under section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s, Aawrun Furnishings Mantra Private Limited is hereby admitted. (ii) I declare a moratorium and public announcement in accordance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied shall not be terminated, suspended, or interrupted during moratorium period. (vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (viii) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
