9911796707
TMI Blog2021 (8) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... dicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s. Ludhiana Scrips Private Limited (for brevity 'Financial Creditor/Petitioner'), with a prayer to initiate the Corporate Insolvency Process against M/s. K.C. Land & Finance Ltd. (for brevity 'Corporate Debtor'). 2. Accordingly, after hearing both sides, this Tribunal vide order dt. 11.12.2018 rejected the application filed by the Financial creditor against which the Petitioner-Financial Creditor filed an appeal bearing CA (AT) (Ins) No. 30/2019 before the Hon'ble NCLAT, which while allowing the appeal of the financial creditor vide order dt. 02.05.2019, passed the following order: "13. We set aside the Impugned Order. The matter is remitted back t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seeks one month's time to explore the possibility of settlement. To revert the progress of settlement. Matter is adjourned for further necessary order on 11.07.2019." 4. On 07.08.2019, the C.P. was dismissed as withdrawn with liberty to the petitioner to revive the same, if the terms of the settlement deed are not complied with by the corporate debtor and the said order reads as under:- "Today, Mr. Neeraj Bakshi, Director of the petitioner company and Mr. Vikas Sharma, CEO of the respondent-corporate debtor are present in person and submit that amicable settlement has been reached between the parties i.e. the corporate debtor and the petitioner and settlement deed dated 30.07.2019 executed. A copy of the same is produced before us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 and the applicant concealed amount due to Mr. Prem Pal Gandhi, Director of the respondent. Also, it is stated that Form 1 is defective as the amount in default as claimed by the applicant and the date of default as mentioned in the application is different from the date and amount mentioned in the Form. 7. The petitioner filed rejoinder (Diary No. 00293/4 dt. 02.03.2021) denying the reply averments. 8. We have heard the learned counsel for the Financial creditor as well as corporate debtor and have also perused the records. 9. In the circumstances and in view of the order of the Hon'ble NCLAT dt. 02.05.2019 and the specific admission of the debt and the liability to pay, as evidenced by the settlement deed executed by the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 12. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 13. In Part-III of the Form-1, the petitioner has proposed the name of Mr. Rajesh Kumar Loomba as Interim Resolution Professional. The Law Research Associate of this Tribunal has checked the credentials of Mr. Rajesh Kumar Loomba and there is nothing adverse found against him. In view of the above, we appoint Mr. Rajesh Kuma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1)(b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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