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TMI Blog2020 (1) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... tor was initiated as on 30.08.2019 and the moratorium had also started, rendering all the other petitions filed by rest of Creditors as infructuous. Hence, in this case based on the facts circumstances if the Application under section 12A of the Code for withdrawal is allowed, it would cause heavy prejudice to the rest of the Creditors. Appeal for withdrawal of application is dismissed. - MA No. 3059/2019 in C.P. (IB) 1798/2018 - - - Dated:- 9-1-2020 - Bhaskara Pantula Mohan , Member ( J ) And V. Nallasenapathy , Member ( T ) For the Appellant : Yasmeen M. Sabir, Advocate For the Corporate Debtor : Gaurav Joshi, Sr. Advocate, Dev Parek and Hrishikesh Nandkarni, Advocates For the Intervenors : Gautam Ankhad and Shyam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion filed under Section 12A seeking withdrawal should not be allowed because the order passed by this Tribunal admitting the Petition against the Corporate Debtor is in rem and not an order in personam. It is urged that the Petitioner should only be allowed to withdraw this Application once the Corporate Debtor may have settled with all the other Creditors. 6. The Counsel representing the Corporate Debtor argues that the contentions of the Intervenors cannot be accepted. Reliance has been placed on Swiss Ribbons Pvt. Ltd. vs. Union of India (2019 SCC Online SC 73): It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9, the proceeding that is before the Adjudicating Authority, b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows: The mandate of the new Insolvency Code is that the moment an insolvency petition is admitted, the moratorium that comes into effect under Section 14(1) (a) expressly interdicts institution or continuation of pending suits or proceedings against Corporate Debtors. Therefore, it is a settled law that as soon as the Petition against the Corporate Debtor is admitted, the moratorium is automatically initiated. 8. The Corporate Insolvency Resolution Process against the Corporate Debtor was initiated as on 30.08.2019 and the moratorium had also started, rendering all the other petitions filed by rest of Creditors as infructuous. Hence, in this case based on the facts circumstances if the Application under section 12A of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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