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TMI Blog2019 (9) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble Member (Judicial) Mr V.P. Singh Hon'ble Member (Technical) Mr Rajesh Sharma For the Applicant: Adv. Prajakta Menezes. For the Respondent: Adv. Rajesh Dubey. ORDER Rajesh Sharma, Member (Technical) 1. This is an application being CP 970/2019 filed by Bank of India Limited, Financial Creditor or Applicant, under section 7 of Insolvency Bankruptcy Code, 2016 (I B Code) against Poonam Drums and Containers Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application is filed on 08.03.2019. 2. This application is filed by Mr Harikumar, Chief Manager and Constituted Attorney of the applicant Bank, duly autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... non-standard. The Applicant has also submitted a statement of account of the Corporate Debtor along with a certificate of the Applicant Bank under Banker s Book Evidence Act, 1991, dated 31.01.2019, certifying the account statement of the Corporate Debtor for the period for the period 01.06.2015 to 22.01.2019 showing an outstanding amount of ₹37,18,75,560.88. 7. The Applicant sent a notice dated 05.10.2015 under section 13 (2) of SARFAESI Act claiming an outstanding amount of ₹37,41,75,836.74/- including interest. The Corporate Debtor replied to the said notice vide its reply dated 30.11.2015 admitting the debt therein. 8. The Corporate Debtor appeared before this Tribunal but have not submitted any maintaina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0323/2017-18/10928] as Interim Resolution Professional, to carry out the functions as mentioned under I B Code. In Form 2 annexed to the Application, the proposed IRP has declared that there are no disciplinary proceedings pending against him. 14. The Application under sub-section (2) of Section 7 of I B Code, 2016 filed by the financial creditor for initiation of CIRP in prescribed Form No1, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the application filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the provisions of sub-section (1) of Section 14 of I B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I B Code. VI. That this Bench ..... X X X X Extracts X X X X X X X X Extracts X X X X
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