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TMI Blog2020 (2) TMI 1555X X X X Extracts X X X X X X X X Extracts X X X X ..... by Stressed Assets Stabilization Fund (IDBI) on 20.01.2006 and by Punjab National Bank on 24.01.2006 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 . The respondent company categorically submitted that they are unable to meet the financial requirements of the company. The application is admitted - moratorium declared. - CP (IB) No. 163/CTB/2019 - - - Dated:- 20-2-2020 - Sucharitha R., Member (J) And Satya Ranjan Prasad, Member (T) For the Appellant/Respondent : Ramesh Agarwal, Ruchi Rajgarhia, Kalpataru Khuntia and Biswa Chandan Mohanty ORDER Sucharitha R., Member (J) 1. This application is filed under Section 9 of the Insolvency and Bankruptcy Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It has been stated that the possession of all the Assets of the Company, charged to the Financial Institutions/Bank to secure the financial assistance granted to the Company viz., Plant and Machinery, movable assets and Land and Building at Bilaspur and Shahadra had been taken over by Stressed Assets Stabilization Fund (IDBI) on 20.01.2006 and by Punjab National Bank on 24.01.2006 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) . The respondent company categorically submitted that they are unable to meet the financial requirements of the company. 5. The applicant has proposed the name of IRP Mr. Santhan Kumar R. having Registration No. IBBI/IPA-001/IP-P00930/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (iv) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. (v) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he functions assigned to him in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016. The needful shall be done within three days from the date of receipt of this Order by the Operational Creditor. The amount, however, is subject to approval by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Operational Creditor. (x) Directions are also issued to the ex-management to provide all documents in their possession and furnish every information in the knowledge within a period of one week from the date of admission of the petition to the IRP, otherwise coercive steps to follow. xi) The In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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