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TMI Blog2019 (5) TMI 1890X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of Section 7 is taken as complete, accordingly this Bench hereby admits this Petition. Petition admitted - moratorium declared. - CP (IB) -105/I&BP/MB/2019 - - - Dated:- 1-5-2019 - Hon ble Shri Bhaskara Pantula Mohan, Member (J) and Hon ble Shri V. Nallasenapathy, Member (T) For the Petitioner: Mr. B. Gopalkrishnan, Advocate i/b S. K. Singhi Co. ORDER Per: V. Nallasenapathy, Member (T) 1. Equitas Small Finance Bank Ltd.(hereinafter called Petitioner ) has sought the Corporate Insolvency Resolution Process of Gajanan Industries Ltd.(hereinafter called the Corporate Debtor ), on the ground that the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Loan Agreement) dated 23.07.2018 through their advocate wherein the entire loan was recalled and the Corporate Debtor was called upon to pay a sum of ₹ 45,86,807/- towards the settlement of the loan within 7 days from the date of receipt of the said notice. The Petitioner submitted that proceedings under Section 138 of Negotiable Instruments Act, 1881 has been filed at the Magistrate Court of Chennai. The Petitioner further submitted that they have initiated Arbitration proceedings on 23.07.2018 against the Corporate Debtor in Arbitration Case No. 134/2018 before the sole arbitrator Mr. C. Samson in respect of the loan and the same is pending. 6. On going through the Petition and hearing the submissions of the Counsel for the Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (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. (II) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (IV) That the order of moratorium shall have effect from 01.05.2019 till the completion of the corporate ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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