9911796707
TMI Blog2021 (7) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant : Arun Kathpalia, Sr. Advocate, Anurag Singh, Alok Singh and Deepak Shukla, Advocates For the Respondents : Ritin Rao, Sr. Advocate, Praful Jindal, Aditi Rao, Siddhartha Barua, Sharswat Anand, Shrashwat Parihar, Gautam Kumar and Adeya Singh, Advocates ORDER (Through Virtual Mode) 1. This Appeal is filed by Sabbas Winifred Joseph Suspended Director of Wizcraft International Entertainment Pvt. Ltd., under Section 61 of the 'Insolvency and Bankruptcy Code, 2016' (for short 'Code') against the order dated 10.05.2021 whereby admitted the Application under Section 7 of the Code. 2. We have already admitted this Appeal for hearing on 16.06.2021. However, Ld. Counsel for the Respondent was not served wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14.50 Crore between May, 2015 to September, 2015. The Respondent No. 1 issued an insolvency demand notice to the principal borrower in the year 2017 and also to the corporate guarantor i.e. the Appellant and from September 2017 initiated proceedings against both principal borrower and Appellant under 'Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and under Recovery of Debt Due to Banks and Financial Institutions Act, 1993' (SARFAESI Act). 4. The Appellant informed on 27.09.2017 that the principal borrower is in some financial distress and all stakeholders including government of Haryana are firming up a solution for their financial distress. On 08.08.2018, the Respondent No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including non-compliance of Chapter-VIII of the Indian Contract Act, 1872 and the 'Limitation Act, 1963'. 6. The Learned Sr. Counsel for the Respondent No. 1/Bank vehemently opposed grant of any interim relief including stay of formation of CoC as it will hamper the 'CIRP'. The counsel for the Respondent No. 1/Bank also mentioned that the banks are also in distress for collection of their dues and hence stay should not be granted. He asserted that even the Appellant has moved to the 'Hon'ble High Court of Punjab and Haryana' vide 'CWP No. 10550/2021' and such relief has not been granted. On the issue of 'NoC' for tender, the Respondent banks submitted that they have only provided their no obje ..... X X X X Extracts X X X X X X X X Extracts X X X X
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