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TMI Blog2021 (12) TMI 1236X X X X Extracts X X X X X X X X Extracts X X X X ..... al debt more than 1 Crore is due and payable by it to the Financial Creditor and it has committed default in paying the same. These are only relevant facts for the consideration of this Adjudicating Authority in an inquiry of this application under Section 7 of IBC, 2016 - Financial Creditor has established both facts. This application is defect-free. Application admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... Since the Corporate Debtor committed default in paying the debt, this application is filed for initiating the CIRP of the Corporate Debtor. 3. Notice was served on the Corporate Debtor. Learned Advocate Mr. Vijay Sehgal appeared on behalf of the Corporate Debtor and sought time to file an affidavit in reply. Instead of filing an affidavit in reply, the Corporate Debtor filed an IA, bearing no. IA/44(MP)2021 requesting therein to restrain the Financial Creditor from proceeding with the matter which has been filed before the Tehsildar & Executive Magistrate, Tehsil-Kolar, Bhopal for possession of the property mortgaged by the Corporate Debtor. 4. According to Corporate Debtor, the Financial Creditor has filed that application after initiati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Counsel for the Corporate Debtor to file the written notes of submissions within three days but Counsel for the Corporate Debtor did not comply with the order. Hence, we proceeded with passing the order. 7. The Financial Creditor produced on record the certificate of default of the financial debt by the Corporate Debtor issued by National E-Governance Services Limited (in short "NeSL"). Even otherwise, the Corporate Debtor did not dispute that financial debt more than ₹ 1 Crore is due and payable by it to the Financial Creditor and it has committed default in paying the same. These are only relevant facts for the consideration of this Adjudicating Authority in an inquiry of this application under Section 7 of IBC, 2016. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Court of law and further prohibits Tribunals, Arbitration Panels or other Authority(s), transferring, encumbering, alienating or disposing any of Corporate Debtor assets or any legal right or beneficial interest therein; 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 SARFAESI Act, 2002 the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. V. Further, litigation or application, if any, is pending before any competent Court of law under the provisions of the SARFAESI Act and RDB Act, prior to the pronouncement of this order such proceedings are expecte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of an obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. X. We direct the Financial Creditor/Applicant to pay the IRP a sum of ₹ 1,00,000/- (Rs. One lakh) as fees & expenses till the COC decides about his fees/expenses. XI. The Registry is directed to communicate this order to the Financial Creditor, Corporate Debtor, and to the Interim Resolution Professional and the concerned Registrar of Companies, after completion of necessary formalities, within three working days and upload the same on the website immediately after pronouncement of the order. XII. The commencement of the Corporate Insolvency Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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