9911796707
TMI Blog2019 (2) TMI 1989X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 7 is taken as complete, accordingly this Bench hereby admits this Petition. Petition admitted - moratorium declared. - CP (IB) -2956/I&BP/MB/2018 - - - Dated:- 20-2-2019 - Bhaskara Pantula Mohan, Member (J) And V. Nallasenapathy, Member (T) For the Petitioner: Mr. Aditya Khandeparkar, Advocate, i/b Khandeparkar Law Office For the Respondent: Mr. Dhanshesh Vyas, Advocate a/w Mr. Akshay Bobadi, Advocate i/b JH Ramugade Ms. Priyanka Chandilya ORDER Per:V. Nallasenapathy, Member (T) 1. Cosmos Co-Operative Bank Limited (hereinafter called Petitioner‟) has sought the Corporate Insolvency Resolution Process (hereinafter called CIRP‟) of New Phaltan Sugar Works Limited (hereinafter called th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count. 5. The Petitioner has enclosed notice under Section 13(2) of SARFAESI Act, 2002 dated 17.07.2017 issued to the Corporate Debtor demanding a sum of ₹ 10,80,06,881.06 as on 30.06.2017 with further interest, charges etc which shows that the Corporate Debtor defaulted in repaying the credit facilities availed by them. 6. The Petitioner also enclosed the order dated 26.06.2018 passed by the Dy. Commissioner of Sales Tax for attachment of the immovable properties of the Corporate Debtor under the Maharashtra Purchase Tax on Sugarcane Act, 1962 for the sales dues of ₹ 14,70,30,599/-. 7. The Corporate Debtor in its reply submitted the following:- a. The Corporate Debtor was suffering huge financial crisis for last sev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e corporate debtor - it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV and documents, records and evidence of default in Part V. Under R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt and default beyond doubt. 10. This Adjudicating Authority, on perusal of the documents filed by the Creditor, is of the view that the Corporate Debtor defaulted in repaying the loans availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings 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 prohibiting all of the following of item-I, namely: (I) (a) the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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