9911796707
TMI Blog2020 (3) TMI 918X X X X Extracts X X X X X X X X Extracts X X X X ..... time. This Bench is inclined to admit this application - application admitted - moratorium declared. - IBA/889/2019 - - - Dated:- 10-12-2019 - B. S. V. Prakash Kumar, Judicial Member And S. Vijayaraghavan, Technical Member Kaushik N. Sharma, J. Jeyasabare Eswaran and Prakash Venkatramani, Advs. for the Financial Creditor. ORDER S. Vijayaraghavan, 1. It is an Insolvency and Bankruptcy Application filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 ( the Code ) by S. Balasubramanian Another (hereinafter referred as Financial Creditor ) for initiation of Corporate Insolvency Resolution Process (in short CIRP ) against M/s. Sheltrex Developers Private Limited (hereinafter referred as Corporate Debtor ) on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sl. No. Documents relied upon 1. Registered Construction Agreement dated 15.07.2015 2. Acknowledgement for payments by Financial Creditor (Payment Receipts) 3. Memorandum of Association and Articles of Association of Corporate Debtor 4. Statement of accounts from 01.04.2013 to 31.03.2017 disclosing transactions involved in the aforesaid loan accounts 5. On looking at the facts available, we are of the view that this Financial Creditor has proved existence of debt and default. Moreover, the Corporate Debtor (Developer) admitted and acknowledged an advance pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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