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TMI Blog2022 (7) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... The respondent-corporate debtor has also filed a reply wherein it has been admitted that there is default in respect of financial debt and amount mentioned in the petition is due towards the petitioner and shown its incapacity to pay the liability. The application filed in the prescribed Form No.1 is found to be complete. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Accordingly, the petitioner proved the debt and the default, which is more than the threshold limit - Petition admitted - moratorium declared. - IA No.533/2022 and CP (IB) No.593/Chd/Pb/2019 - - - Dated:- 28-6-2022 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) And HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For the Petitioner/Financial Creditor : Mr. Aabhas Singh, Advocate For the Respondent/Corporate Debtor : Mr. Vishav Bharti Gupta, Advocate JUDGMENT PER : HARNAM SINGH THAKUR, MEMBER ( JUDICIAL ) 1. The present petition has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued by him in favour of M/s Intec Capital Ltd.-petitioner. Copy of the NOC is attached as Annexure-A of the application. In view of the aforesaid facts and circumstances of the case this Tribunal allows the replacement of Mr. Ajay Kumar Siwach proposed Interim Resolution Professional with Mr. Gaurav Srivastava (IBBI/IPA-003/N-00285/2020-2021/13253) as the proposed Interim Resolution Professional in the present matter. Further a copy of consent of said proposed Interim Resolution Professional in Form AA along with Certificate of Registration is attached as Annexure-B of the said application. 5. It is stated in Part-IV of Form No.1 that the petitioner has provided a loan amount of Rs.75,96,000/- (principal). The total amount claimed to be in default is Rs.4,36,28,743.75/- as on 31.08.2019. Copy of the ledger account of the Financial Creditor (Annexure A-5). Copy of Bank Account Statement maintained with the Bank showing loan disbursement by the Financial Creditor (Annexure A-6). Copy of Statement of dues and loan transaction details (Annexure A-7). Copy of Arbitral Award dated 18.08.2015 (Annexure A-8). Copy of Loan Agreement dated 31.07.2012 (Annexure A-9). 6. The notice of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority when a default has occurred. 2[Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent. of the total number of such allottees under the same real estate project, whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (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 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; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that 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. (f) The provisions of Section 14(3) shall, however, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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