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TMI Blog2019 (12) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. 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. 1598 /MB/C-II/ 2019. - - - Dated:- 16-12-2019 - M. K. SHRAWAT Judicial Member and CHANDRA BHAN SINGH Technical Member Digajmann G. Mishra with Yashmann G. Mishra instructed by Hammurabi Soloman for the financial creditor. None appeared for the corporate debtor. ORDER This is a company petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of Maharashtra ( the financial creditor ), seeking to initiate the corporate insolvency resolution process (CIRP) against Nava Bharat Press (Bhopal) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly). 4.2 The financial creditor had on March 23, 2004 sanctioned financial credit through its directors of ₹ 14.17 crores. Despite enjoying the loan, cash and credit facility as availed, the corporate debtor defaulted on the repayment of the interest as well as the principal as per the schedule of repayment. 4.3 Thereafter on July 11, 2007 a registered recall notice was sent by the financial creditor to corporate debtor for recalling the credit/loan facility demanding ₹ 17,94,54,108.73 (rupees seventeen crores ninety four lakhs fifty four thousand one hundred and eight and paise seventy three only). 4.4 The loan account was declared NPA on March 31, 2004. As on July 25, 2009 the outstanding loan was ₹ 24,93,08,87 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d March 11, 2019. Necessary proof in this regard have been placed on record. 6. Submissions made by the corporate debtor : No one was present from the side of the corporate debtor on the date of final hearing of this petition. Despite direction on July 10, 2019 no reply to this petition has been received on record till date. The corporate debtor, therefore, has nothing to say in its defence. Findings : 7. The Bench heard the arguments of the financial creditor and perused the records. 8. On the last date of hearing, i. e., on August 21, 2019 when matter was called none appeared for corporate debtor. Therefore, this petition was heard exparte qua the respondent. 9. The financial creditor as per the decree dated August 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution process (CIRP) against Nava Bharat Press (Bhopal) P. Ltd. (CIN : U22120MH1982PTC028978), the corporate debtor, is admitted. 13. There shall be a moratorium under section 14 of the IBC, in regard to the following : (i) 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 ; (ii) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein ; (iii) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im resolution professional (IRP) of the corporate debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such regulations, circulars and directions issued/as may be issued by the Insolvency and Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. 18. During the CIRP period, the management of the corporate debtor shall vest in the IRP or, as the case may be, the resolution professional in terms of section 17 of the IBC. The officers and managers of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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