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TMI Blog2017 (11) TMI 1992X X X X Extracts X X X X X X X X Extracts X X X X ..... ty) Rules, 2016 (for brevity the 'Rules') for initiation of Corporate Insolvency Resolution Process in respect of the applicant company itself. 2. The Applicant, 'Dream Land Realtor Private Limited' is a company incorporated under the companies Act, 1956 bearing CIN No. U45200DL2007PTC60911. The Applicant Company was incorporated on 21/03/2007 having its registered office at 102 A, Manglam Paradise, Plot 8 Manglam Place, Sector 3, Rohini 110085. Since the registered office of the respondent company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of applicant corporate debtor under sub-sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of itself on account of default in payment. In the present case the director of the applicant company duly authorised to do so has filed the instant application under Section 10 of the Code on behalf of the applicant company. 6. Besides, in compliance of Section 10 (3) (a) of the Code read with Annex-V of Form 6 of the Rules, the applicant company has filed copies of audited financial statements of the Applicant Company for the last two financial years i.e. 2015-16 and 2016-17. In addition, copy of provisional financial statement of the Applicant Company for the current financial year made up to a date not earlier than fourteen days from the date of the application, i.e. from 01.04.2017 to 10.10.2017 has also been filed. 7. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.2017 issued by financial creditor under Section 13(2) of SARFAESI Act has also been placed on record. It is contended that the applicant company has failed to make payment of the bank dues because of which the Karnataka Bank Limited has declared the account of the applicant company as NPA on 25.01.2017. 9. There is thus no dispute that the applicant company has admittedly committed default and therefore is entitled to file the present application in terms of sub section (1) of Section 10 of the Code. 10. Applicant by way of affidavit dated 23.10.2017 has affirmed that there is no impediment as per section 11 of the code, in applicant's entitlement to make application under section 10 of the Code and no CIRP has ever been initiated nor a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal answered the issue in the negative against the respondent -'Corporate Debtor'. 14. A perusal of aforementioned judgements of Hon'ble NCLAT makes it quite clear that during pendency of proceedings under SARFEASI Act, there is no bar for initiation of insolvency proceedings under the Code. 15. That apart in view of the overriding effect given by the provisions of Section 238 of the Code, the initiation and pendency of proceedings under SARFEASI Act is no bar for initiation of resolution and insolvency proceedings under the Code. Hence, the objection raised by the financial creditor in this regard cannot sustain. 16. The provisions of Insolvency & Bankruptcy Code, 2016 have been notified by the Central Government on 01.12.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Form-6, the Corporate Debtor is required to disclose as amongst others, the details of the Corporate Debtor including the date of incorporation as well as the details of financial creditor and operational creditors to whom the Corporate Debtor owes money including their address for correspondence. It is also pertinent to note that in relation to the debts owed by it the Corporate Debtor is required to furnish the total amount of debt and the amount in default and also in particular as to when the financial or operational debt was incurred including the details of the security held, if any, by the creditors and its estimated value. The Corporate Debtor, in addition, is also required to furnish the documents evidencing the existence of fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code. The corporate insolvency resolution process shall commence from the date of this order under sub-section 5 of section 10 of the Code. 22. A moratorium in terms of section 14 of the Code is being issued prohibiting the following: * 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; * transferring, encumbering, alienating or disposing of by the corporate debtor any of its 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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