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TMI Blog2019 (7) TMI 1625X X X X Extracts X X X X X X X X Extracts X X X X ..... ll get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/1441/IB/2018 - - - Dated:- 23-7-2019 - Ch Mohd Sharief Tariq, Judicial Member For the Appellant : V. Kuberan, Counsel For the Respondent : B. Thilak Narayanan, Counsel ORDER 1. Under Adjudication is CP/1441/IB/2018 that has been filed by M/s. S.R. Marine and Off Shore Engineering Pvt. Ltd. (hereinafter referred to as 'FinancialCreditor) under Section 7 of the Insolvency Bankruptcy Code, 2016 (in short, 'I B Code, 2016') r/w Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. M.N. Horological Industries Pvt. Ltd.(hereinafter ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed with the application. 6. The Financial Creditor has sent a notice to the Corporate Debtor on 23.07.2018, along with the details of payments and total amount which was to be paid to the Financial Creditor including interest and the same was delivered to the Corporate Debtor. The copy of the Legal notice and proof of delivery are placed at pages 47 - 49 of the typed set filed with the Application. 7. The Counsel for the Financial Creditor has referred to the Financial Statement for the year ended 31st March 2017, wherein under the heading Other Loans and Advances , a sum of ₹ 28,50,000/- is shown as borrowing from the Financial Creditor. The copy of which is placed at page 62 of the typed set filed with the Application. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issions of the Counsel for the Corporate Debtor is considered, that there is no Board Resolution and the person signed the promissory notes was not authorized on behalf of the Corporate Debtor, but the notes on financial statement dated 31.03.2017 is a documentary evidence, which clearly refers to the name of the Financial Creditor mentioned therein and the outstanding of ₹ 28,50,000/- under the heading Other Loans and Advances . Therefore, the Corporate Debtor had acknowledged its liability. In view of it, the Corporate Debtor is estopped from denying its liability. The submissions made by the Counsel for the Corporate Debtor are not supported with any documentary evidence and therefore are rejected. 12. The documentary evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. 15. The supply of essential goods or services of the Corporate Debtor/Guarantor shall not be terminated or suspended or interrupted during moratorium perio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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