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TMI Blog2020 (9) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... bhav Sahni, Advocate ORDER Per : Ajay Kumar Vatsavayi, Member ( Judicial ) CA No.574/2018 This application has been filed by the Resolution Professional of the corporate debtor-company, M/s J.R. Agrotech Private Limited, under Section 14(1)(b) read with Section 74 of the Insolvency and Bankruptcy Code, 2016, seeking issuance of appropriate directions to the respondents. 2. It is stated that this Adjudicating Authority admitted CP(IB) No.46/Chd/Pb/2018; Oriental Bank of Commerce Versus M/s J.R. Agrotech Private Limited, on 27.07.2018 and accordingly, Corporate Insolvency Resolution Process ('CIRP') was initiated and moratorium was declared against the respondent-corporate debtor, M/s J.R. Agrotech Private Limited and an Interim Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /payments were not in violation of the moratorium, but the same were in accordance with the law. It is their case that with regard to payment of Rs.8,50,000/- and Rs.8,30,000/- effected on 30.07.2018 in favour of respondent Nos.1 and 2, is pertaining to their salary for the period from 01.03.2018 to 31.07.2018. Similarly, it is stated by them that payment of Rs.3,60,000/- paid to respondent No.3, who is a Professional Consultant, was in the usual course of business of the corporate debtor. With regard to payment made to respondent No.4, it is stated that the same was for the purpose of supply of raw material to maintain the corporate debtor as a going concern. 5. Respondent Nos.3 and 4 in their respective replies have also stated that they ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Interim Resolution Professional, the powers of the Board of Directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the Interim Resolution Professional. 9. Sections 14 and 17 of the Code read as under:- "14. Moratorium (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:- (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ritical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.] (3) The provisions of sub-section (1) shall not apply to- (a) such transactions, agreements or other arrangement as may be notified by the Central government in consultation with any financial sector regulator or by any authority;] (b) a surety in a contract of guarantee to a corporate debtor. (4) The order of moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... professional. (2) The interim resolution professional vested with the management of the corporate debtor shall- (a) act and execute in the name and on behalf of the corporate debtor all deeds, receipts, and other documents, if any; (b) take such actions, in the manner and subject to such restrictions, as may be specified by the Board; (c) have the authority to access the electronic records of corporate debtor from information utility having financial information of the corporate debtor; (d) have the authority to access the books of account, records and other relevant documents of corporate debtor available with government authorities, statutory auditors, accountants and such other persons as may be specified' and (e) be re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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