9911796707
TMI Blog2021 (4) TMI 221X X X X Extracts X X X X X X X X Extracts X X X X ..... ed - The name of the Interim Resolution Professional (IRP) has been proposed, though, it is not mandatory in respect of application filed under Section 9 of the I.B. Code, 2016 - there is no material on record to show that any disciplinary proceedings are pending against such proposed IRP This application is complete in all respects and defect free. It also complies with the requirements of provision of relevant provisions of the Insolvency and Bankruptcy Code 2016 The amount of debt is more than the threshold limit prescribed for the initiation of the CIRP against the Corporate Debtor - Application is deserved to be admitted - application admitted - moratorium declared. - (MP) CP (IB) No.6/9/NCLT/AHM/2020 - - - Dated:- 26-3-2021 - M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd it was further claimed that the Corporate Debtor has also admitted its liability. The Learned Counsel for the Corporate Debtor also concurred with such submissions made on behalf of the Operational Creditor. At this stage, a query was raised, as to whether this petition was filed in collusive manner. The Corporate Debtor made a submission that there was no relationship between the Operational Creditor or the Corporate Debtor and other application filed against the Corporate Debtor under Section 7 was also pending and listed even today. We verified this fact from the cause list. Thus the factor of collusiveness gets adequately rebutted. 5. The name of the Interim Resolution Professional ( IRP ) has been proposed, though, it is not man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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; (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. 3. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency 86 Bankr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the Corporate Debtor Company, it continuing, shall not be terminated or suspended or interrupted during moratorium period. The IRP shall be under duty to protect and preserve the value of the property of the Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of ₹ 50,000/-(Rupees Fifty Thousand Only) to the IRP within two weeks from the date of receipt of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process (CIRP) and IRP to file proof of receipt of such amount to this Adjudicating Authority alongwit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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