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TMI Blog2019 (8) TMI 1480X X X X Extracts X X X X X X X X Extracts X X X X ..... cation is not tenable. 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 - Application admitted - moratorium admitted. - CP 1003(IB)/MB/2019 - - - Dated:- 27-8-2019 - Hon'ble Member (Judicial) Mr V.P. Singh AND Hon'ble Member (Technical) Mr Rajesh Sharma For the Petitioner: Adv. P.S. Thakre For the Respondent: Adv. Prachi Wazalwar ORDER Per V.P. Singh, Member (Judicial) 1. This is an application being CP 1003/2019 filed by Allahabad Bank, Financial Creditor or Applicant, under section 7 of Insolvency Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017 to 12.02.2019 that show a debit amount of ₹10,40,08,975. The documents filed by the applicant shows that an amount of more than ₹1,00,000/- is due from the corporate debtor. 6. The Corporate Debtor has objected to the admission of the present application on the technical ground that the applicant is not authorised to file the present application. 7. However, on perusal of the documents submitted on record, there is a debt due and payable by the Corporate Debtor to the Applicant. The outstanding amount that is in default is more than ₹1,00,000/-. 8. In the present case where the debt and default of more than ₹1,00,000/- is established and the application is complete in all respects and further in the li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llahabad Bank, Financial Creditor or Applicant, against Suman Agritech Limited, Corporate Debtorfor initiating corporate insolvency resolution process is at this moment admitted. We further declare moratorium u/s 14 of I B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) 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 authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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