9911796707
TMI Blog2022 (3) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor. Application admitted - moratorium delcared. - IB-301/ND/2021 - - - Dated:- 22-3-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Ashu Kansal, Advocate For the Respondents : Varsha Banerjee, Advocate ORDER Bachu Venkat Balaram Das, Member (J) 1. This is an application filed by the Financial Creditor namely, Alchemist Asset Reconstruction Company Limited against the corporate debtor namely, Vinesh Traders Pvt. Ltd. under section 7 of the IBC, 2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, The CD submitted the settlement proposal for ₹ 10 Crores and proposed to pay the said amount over a period of 1 (one) year from the date of acceptance of offer. The amount was proposed to be paid through sale of assets mortgaged with the Applicant, with its prior approval. It is stated that the said settlement proposal was approved by the Applicant on 16.07.2019. As per the settlement proposal and the sanction letter, the CD was supposed to pay off ₹ 10 Crores by 15.07.2020, which admittedly the CD failed to do in terms of the Settlement Proposal and Sanction Letter and had defaulted. Thereafter, the Applicant herein had issued a letter for revocation on 20.03.2021. c. It is further submitted that the corporate debtor h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately. He is also directed to cause public announcement under section 15 of the IBC, 2016, within three days from date of receiving the copy of this order and call for submissions of claim in the manner as prescribed. 6. The moratorium is declared which shall have effect from the date of this order till the completion of CIRP, for the purposes referred to in section 14 of the IBC, 2016. It is ordered to prohibit all of the following, namely: a. The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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