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TMI Blog2020 (6) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... realisation. The said order is passed after considering the documents in relation to the Credit facilities availed by the Corporate Debtor - This Application being filed on the basis of order dated 22.10.2016 is well within the period of limitation. The Application under Section 7 of I B Code, 2016 filed by the financial creditor for initiation of CIRP in prescribed Form No.1, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existence of financial debt of more than Rupees One Lakh against the Corporate Debtor and its default is also proved. Accordingly, the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution proces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by Ld. Debt Recovery Tribunal, Jabalpur in Original Application No.225/2013 allowing the claim of the Applicant and it was held that the Corporate Debtor is liable to pay a sum of ₹ 85,94,62,955/- (Rupees Eighty Five Crore Ninety Four Lakh Sixty Two Thousand Nine Hundred and Fifty Five Only) together with interest pendente lite and future interest at 12% per annum from the date of filing the OA. i.e 30.09.2013 till its realisation. The Total claim amount of ₹ 1,40,33,29,995.29/- (Rupees One Hundred and Forty Crore Thirty Three Lakh Twenty Nine Thousand Nine Hundred and Ninety Five only) includes the Decretal amount along with the interest as per the abovementioned order. Copy of the Order dated 22.10.2016 is annexed to the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of order dated 22.10.2016 is well within the period of limitation. 10. However, on perusal of the order dated 22.10.2016, and the date of default of the Order being 22.10.2016, it is established that the Corporate Debtor is in due and default more than ₹ 1,00,000/- and the application is complete in proper Form 1. 11. The Applicant has proposed the name of Mr Rajesh Jhunjhunwala, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP-P00647/2017- 18/11102] 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect 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 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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