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TMI Blog2020 (12) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. In the present application the date of default in the present application is 13.03.2017, thus the amendment made will not be applicable in the present petition. This adjudicating Authority is inclined to admit this petition and initiate CIRP of the Respondent Company. Accordingly, this petition is admitted - Moratorium declared. - Company Petition (IB)No. 458/ALD/2019 - - - Dated:- 3-9-2020 - Rajesh Dayal Khare, J. (Member (J)) For the Appellant : Sonia Dubey, Shatadru Chakraborty, Anurag Singh, Vivek Srivastava, Advocates, Shailenda Singh For the Respondent : Rupendra Kumar Porwal and Samir Agarwal, Advocates ORDER Rajesh Dayal Khare, J. (Member (J)) 1. The present petition has been filed by the financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Sec 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT, Rules, 2016 seeking substitution of name of the financial creditor/applicant in the CP No. (IB) 458/ALD/2019 from M/s. Siemens Financial Services Pvt. Ltd. to Alchemist Asset Reconstruction Company Ltd. . 7. It was submitted that the debt owed by the respondent to the petitioner has been assigned to the applicant by virtue of a deed of assignment dated 28.04.2020, thus the applicant has stepped into the shoes of the said financial creditor i.e. M/s. Siemens Financial Services Pvt. Ltd. and upon such assignment, the said financial Creditor has ceased to have any right, title and interest over the debt in question and the applicant stands subrogated in i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or oppression and mismanagement of affairs of respondent company and a company petition i.e. CP No. 31/ALD/2019 has been filed under Sec 241/242 of the Companies Act, 2013 before this Tribunal. 12. Further it is the matter of record that vide order dated 23.06.220, this tribunal directed that the proceeding of Oppression as mismanagement will be heard with the present matter. 13. It is contended on behalf of the applicant that filing of the petition of oppression and mismanagement and its pendency will not hamper the proceeding under Sec. 7 of IBC and in support of his arguments has referred to the judgment of NCLAT in the matter of Jagmohan Bajaj v. Shivam Fragrances Private Ltd. ors. Company Appeal (AT) (INSOLVENCY) No. 428 of 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .................it is clear that once the Adjudicating Authority is satisfied on the basis of records that the debt is payable and there is default, the Adjudicating Authority is required to admit the application. 16. Hence, the application filed on behalf of financial creditor/Applicant under Section 7 of IBC is found complete. The present petition being filed in 22.10.2019 is well within limitation and the date of default is 30.03.2017., in which date the corporate debtor declared as NPA is much prior to the amendment made in Insolvency and Bankruptcy Code on 05th of June, 2020 whereby Sec. 10A was inserted which sates as follows; Suspension of initiation of Corporate Insolvency Resolution Process 10A. Notwithstanding a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, alienating or disposing off 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. Exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 19. The F ..... X X X X Extracts X X X X X X X X Extracts X X X X
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