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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 ..... Process (CIRP). The Petition is filed on 11.03.2019. 2. This application is filed by Mr Rajesh Kumar, Assistant General Manager of the applicant Bank who is duly authorised to do the same. 3. The Applicant has extended a loan of Rs.64.5 crore, vide its sanction letter dated 16.08.2010, to the Corporate Debtor out of the total loan of Rs.137.5 crore extended by the consortium of Banks. The said facility was eventually renewed several times on 13.03.2012, 30.10.2012, 28.03.2014, 22.10.2014 and 21.04.2015. 4. The Applicant submits that as on 31.01.2019, the total outstanding amount in default is Rs.56,89,34,000/-. The account of the Corporate Debtor was declared Non-Performing Asset (NPA) on 30.09.2016. Further, the date of default is ment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o pursuant to the notification issued by Ministry of Corporate Affairs dated 27.02.2019, the objection of the Corporate Debtor regarding the insufficient authorisation of the Assistant General Manager of the applicant Bank to file the present application is not tenable. 9. The Applicant has proposed the name of Mr Navin Khandelwal, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP-P00703/2017-18/11301] 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. 10. The Application under sub-section (2) of Section 7 of I&B Code, 2016 fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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