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TMI Blog2022 (10) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... Uppal, Advocate For Resolution Professional : Mr. Sanyam Goel Present through video-conferencing in IA No. 837/2020: For the Applicant : Mr. Viren Sharma, Advocate Mr. Mohit Uppal, Advocate For Resolution Professional : Mr. Sanyam Goel For the Respondent : Mr. Prateek Mahajan, Advocate ORDER Per : Harnam Singh Thakur , Member ( Judicial ) IA No. 93/2022 The present application is filed by Municipal Corporation, Rohtak through its Commissioner against the Resolution Professional for rejection of Resolution Plan submitted vide IA No. 823/2020. The CP (IB) No. 515/Chd/Chd/2019 has been admitted by this Adjudicating Authority on 07.02.2020 filed under Section 7 of the Code on behalf of the Financial Creditor, Parivartan Investment and Finance Company seeking initiation of Corporate Insolvency Resolution Process ( CIRP ). 2. The brief facts of the present application stated by the applicant-operational creditor are herein below: 2.1 It is submitted that the moratorium under Section 14 was declared on 07.02.2020. The Resolution Professional made public announcement on 09.02.2020 under Regulation 6(1) of Insolvency and Bankruptcy Board of India (In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... public announcement in Form A dated 07.02.2020 in terms of Regulation 6(1) of CIRP Regulations, 2016 in the following newspapers, the cuttings are attached as Annexure R-2: Newspaper Date Language Edition Financial Express 09.02.2020 English Chandigarh Jansatta 09.02.2020 Hindi Chandigarh Hari Bhoomi 09.02.2020 Hindi Rohtak 3.2 It is submitted that on perusal of books of accounts of corporate debtor and information/records/data pertaining to corporate debtor, the respondent observed dues of certain Government Authorities. Accordingly, the respondent vide letter dated 14.02.2020 informed Joint Director, District Industries Center, Rohtak and assessing Authority, Sales Tax Department, Rohtak, Haryana about the initiation of CIRP of corporate debtor. Further, respondent also requested departments to file their claims in appropriate form. The copy of above letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng claims by the Resolution Professional. 6. In the present case the moratorium is declared on 07.02.2020 whereas, the order issued by applicant for the outstanding amount is on 18.11.2020 i.e. during the period of moratorium. Therefore, the above mentioned order passed by the applicant is in violation of Section 14(1)(a). The same is extracted hereinbelow: (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting 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; 7. Thus, we hold that the publication made by the respondent is in compliance with the relevant Regulation and that the enforcement for paying the demand during the moratorium period, is in violation of section 14(1)(a) of the IBC. 8. In view of the above discussion, the present application is dismissed without order as to cost and disposed of accordingly. IA No. 837/2020 The p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejoinder and written submissions, wherein the averments made by the respondents are denied and the Resolution Professional has reiterated the submissions made above and in IA No. 93/2022. 5. To buttress his contentions the Resolution Professional has placed reliance on the decision passed by Hon ble NCLAT in Indian Overseas Bank Vs. Mr. Dinkar T. Venkatsubramaniam Resolution Professional for Amtek Auto Ltd. [Com Appeal (AT) (Insolvency) No. 267 of 2017]: 5. Having heard learned counsel for the Appellant, we do not accept the submissions made on behalf of the Appellant in view of the fact that after the admission of an application under Section 7 of the 'T B Code', once moratorium has been declared it is not open to any person including 'Financial Creditors' and the appellant bank to recover any amount from the account of the 'Corporate Debtor, nor it can appropriate any amount towards its own dues. 6. If the 'Corporate Debtor' has borrowed some amount from the Appellant-Indian Overseas Bank' and the Appellant- Indian Overseas Bank' come within the definition of 'Financial Creditor as defined in Section 5(7) of the 'T B Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X
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