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TMI Blog2021 (8) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. Application admitted - moratorium declared. - CP (IB) No. 332/Chd/Pb/2018 - - - Dated:- 27-7-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Rajansh Thukral and Sidharth Thukral, Advocates For the Respondents : Ravinder Joshi, Practising Chartered Accountant JUDGMENT Ajay Kumar Vatsavayi, Member (J) 1. The present petition was filed, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s. Ludhiana Scrips Private Limited (for brevity 'Financial Creditor/Petitioner'), with a prayer to in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 4.50 crores alongwith 6% simple interest within three months in three equal instalments. In view of such stand taken by the counsel for the respondent we allow the respondent to reach a settlement with the appellant in terms of the offer given before this Appellate Tribunal and file the terms of settlement by the next date. Post the case for orders on 11th April, 2019. Since during the course of appeal there was a proposal for settlement as duly noted by the Hon'ble National Company Law Appellate Tribunal, therefore, the learned counsel from the side of respondent seeks one month's time to explore the possibility of settlement. To revert the progress of settlement. Matter is adjourned for further necessary o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... settlement deed dt. 30.07.2019, which was allowed and the CP was restored vide order dt. 04.01.2021. Notice to the respondent corporate debtor was also issued on 04.01.2021. 6. The corporate debtor filed reply vide Diary No. 00293/3 dt. 01.03.2021, stating that the applicant had wrongly calculated the interest 18% just to cross the threshold limit of 1 crore to make him eligible for filing the application whereas nowhere the corporate debtor agreed to pay this interest. It is stated that the total outstanding payments as per settlement deed have been paid and adjusted as detailed in Para 13 of IA 133/2020 and the applicant concealed amount due to Mr. Prem Pal Gandhi, Director of the respondent. Also, it is stated that Form 1 is defective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of its property including any action under the Securitization and Reconstruction of Operational 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. 11. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 12. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18(1)(f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcemen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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