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TMI Blog2021 (1) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... lete in all respects and meets requirements of Regulations made under Insolvency Bankruptcy Code, 2016. The Application filed under Section 7 of the Insolvency Bankruptcy Code, 2016 is defect free and is admitted. - CP (IB) No. 580/7/NCLT/AHM/2019 - - - Dated:- 9-9-2020 - M.B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : L.M. Patel, Learned Counsel ORDER Virendra Kumar Gupta, Member (T) 1. An Application is filed by the Ritwik Finance Enterprises Pvt. Ltd. ( hereinafter referred to as the 'Financial Creditor') through its Authorised Signatory under Section 7 of the Insolvency Bankruptcy Code, 2016, r.w. Rule 4 of the Insolvency Bankruptcy Code, 2016, to start Corporate I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the outstanding dues, hence, default committed from 1st July, 2018 and the account of the Corporate Debtor becomes NPA on 30th September, 2018. In view of the said default the Financial Creditor initiated Arbitration proceedings against the Corporate Debtor in terms of Arbitration Clause in the Loan Agreement and claimed the said amount and also sought interim relief to freeze the Bank Accounts of the Corporate Debtor lying with ICICI Bank Ltd. and HDFC Bank Ltd. The Arbitral Tribunal passed an Interim Order dated 24th April, 2019 consisting of Shri Sapan Purohit, Sole Arbitrator to freeze the Bank Accounts of the Corporate Debtor lying with ICICI Bank Ltd. and HDFC Bank Ltd. A copy of the same is annexed with the application. 3. The Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016. 7. The Financial Creditor has proposed the name of Interim Resolution Professional to initiate Corporate Insolvency Resolution Process. The proposed IRP has given his written consent and no disciplinary proceedings are pending against him. 8. The Application filed under Section 7 of the Insolvency Bankruptcy Code, 2016 is defect free, hence, we admit the application and Corporate Insolvency Resolution Process (CIRP) is commenced by following order : ORDER 1. The application is admitted and the moratorium is declared for prohibiting all of the following in terms of Section 14(1) of the Code. (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including exec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or cooperate with IRP, do not assist or Co-operate, IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 5. This Adjudicating Authority direct the IRP to make public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1) (b) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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