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TMI Blog2020 (11) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the petition. In view of this, this Adjudicating Authority admits this petition and orders initiation of CIRP against the corporate debtor. Petition admitted - moratorium declared. - C. P. (IB) No. 2833 /MB/C-IV of 2019. - - - Dated:- 10-6-2020 - Rajasekhar (V. K.) (Judicial Member) And Ravikumar Duraisamy (Technical Member) For the Corporate Debtor : Anup Khaitan for the financial creditor. Raghav Tiwari instructed by Radhe Agrawal ORDER RAJASEKHAR (V. K.) (JUDICIAL MEMBER). - 1. This is a company petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Oriental Bank of Commerce (financial creditor), seeking to initiate the corporate insolvency resolution process (CIRP) against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r has filed O. A. No. 406 of 2017 before the Debts Recovery Tribunal, Nagpur, in which an order has been passed on August 31, 2018 (Part V, paragraph 2 at page 4 of the petition). 5. The underlying financial agreements has been placed on record as exhibits 4 to 14 at pages 33-146. Bank statements are also attached as exhibit 19 at pages 240-281. The total debt due and payable to the financial creditor is ₹ 8,28,24,101.79 (rupees eight crores twenty eight lakhs twenty four thousand one hundred and one and paise seventy nine only), as mentioned at page 11 of the petition. 6. The corporate debtor has not submitted any reply in the matter. 7. We have heard the arguments of learned counsel for the financial creditor and peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BBI/IPA-001/IP-00133/2017-18/10275, as the interim resolution professional of the corporate debtor. He has filed his written communication in form No. 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his certificate of registration. 15. The application made by the financial creditor is complete in all respects as required by law. It clearly shows that the corporate debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the Insolvency and Bankruptcy Code at the relevant time. Therefore, the default stands established and there is no reason to deny the admission o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where such property is occupied by or in possession of the corporate debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) 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 ; (ii) That the provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator ; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... knowledge to the IRP within a period of one week from the date of receipt of this order, in default of which coercive steps will follow. (h) The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the process of the CIRP in respect of the corporate debtor. (i) The financial creditor shall deposit a sum of ₹ 3,00,000 (rupees three lakhs only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the committee of creditors (CoC). (j) In terms of section 7(5)(a) of the Insolvency and Bankruptcy Code, the registry is directed to communicate this order to the financial creditor, the corporate debtor and the IRP by speed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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