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TMI Blog2020 (3) TMI 1356X X X X Extracts X X X X X X X X Extracts X X X X ..... remains as regards the nature thereof. The application is otherwise complete and defect-free - Application admitted - moratorium declared. - CP (IB) No. 2084/KB/2019 and IA (IB) No. 297/KB/2020 - - - Dated:- 13-3-2020 - M.B. GOSAVI, MEMBER (J) AND VIRENDRA KUMAR GUPTA, MEMBER (T) For the Appellant : Joy Saha, Senior Advocate, Arik Banerjee, Avishek Guha, Trini Joarder, For the Respondent : Aniruddha Mitra and Sanket Saraogi, Advocates ORDER Virendra Kumar Gupta, Member (T) 1. This application under Section 7 of IBC, 2016 has been filed by the financial creditor namely Avaani Oxford Owners Association to initiate corporate insolvency resolution process ( CIRP ) against corporate debtor namely Oxford Facilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the builder and drew our attention to the relevant pages of the paper book to substantiate its such claim. Accordingly, it was prayed that this application was not maintainable as the amount of claim of ₹ 5.64 Crores made herein had already been included in the total claim of approx. ₹ 30 Lacs made therein. 5. In the rejoinder, the Ld. Counsel for the financial creditor submitted that financial creditor was withdrawing its claim from those proceedings to the extent of amount of debt involved in this application and in that view of the matter, the application could be admitted as there was an admitted debt which was more than Rupees One Lac. 6. We have considered the submissions made by both sides and material on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency Bankruptcy Code, 2016 prohibits the following: a) 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; b) Transferring, encumbering, alienating or disposing of 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thousand only) to IRP as advance fees as per Regulation 33(3) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 which shall be adjusted from final bill. (xii) The Resolution Professional shall conduct CIRP in time bound manner as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. (xiii) List the matter on 21st April, 2020 for the filing of the progress report. (xiv) IA (IB) No. 297/KB/2020 is regarding maintainability of this petition on the ground of claim of the same relief is being made in two independent proceedings. In view of the concession given by the financial creditor, there remains no dispute as regards the admissibility of the application filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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