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TMI Blog2022 (11) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... istration of charge issued by the Registrar of Companies, CERSAI report, record of default with Information Utility, Packaging Credit Agreement dated 02.02.2016, Hypothecation of goods and book debts, hypothecation of movable assets dated 02.02.2016, agreement of guarantee dated 02.02.2016, statement of account, agreement of hypothecation of current asset dated 02.02.2016, balance and security confirmation, recall notice dated 09.11.2017 and NPA certificate dated 13.05.2021 - he respondent corporate debtor has proceeded ex parte, thus, there is no rebuttal to the claim of petitioner. The application filed in the prescribed Form No.1 is found to be complete. Another condition is that there are no disciplinary proceedings pending against the proposed Resolution Professional. In the present case, in Part III of Form 1, Mr. Hemanshu Jetley has been proposed as Interim Resolution Professional. Petition admitted - moratorium declared. - CP (IB) No. 164/Chd/Hry/2021 - - - Dated:- 4-11-2022 - HON BLE MR. HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH , MEMBER ( TECHNICAL ) For the Petitioner - Financial Creditor : Mr. S. K. Sharma , Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank. The financial creditor issued a recall notice under Section 13(2) of SARFAESI Act, 2002 to discharge their debt. The corporate debtor filed its objections against the notice dated 09.11.2017. The financial creditor replied to the objections and issued possession notice under Section 13(4) of the SARFAESI Act, 2002 to the corporate debtor. The financial creditor filed Original Application bearing No. 1524/2019 before Debt Recovery Tribunal-II, Chandigarh for recovery of Rs. 157,67,65,699/- (Rupees One Hundred Fifty Seven Crores Sixty Seven Lakhs Sixty Five Thousand Six Hundred Ninety Nine Only) against the corporate debtor, guarantors and mortgager which is pending for adjudication. 4. It is stated in Part-IV of Form No.1 that the petitioner has provided a loan amount of Rs. 104,27,87,056/- (Rupees One Hundred Four Crores Twenty Seven Lakhs Eighty Seven Thousand Fifty Six Only) (principal). The total amount claimed to be in default is Rs.166,80,85,695/- (Rupees One Hundred Sixty Six Crores Eighty Lakhs Eighty Five Thousand Six Hundred Ninety Five Only) (including interest and misc. expenses) and date of default is 30.09.2017 i.e. the date on which the account of the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application is filed within limitation. It can be seen from the records that the date of default is 30.09.2017 i.e. the date on which the account of the corporate debtor was declared Non Performing Asset and the last date for filing the present petition was 29.09.2020. The present petition is filed vide Diary No. 00667 dated 01.07.2021. The period from 15.03.2020 till 28.02.2022 stands excluded by virtue of order dated 27.04.2021 passed by Hon ble Supreme Court in In Re: Cognizance for Extension of limitation registered as Suo-Moto Writ Petition (C) No. 3/2020. Operative portion of order passed by Hon ble Apex Court on 27.4.2021 is as follows:- We also take judicial notice of the fact that the steep rise in COVID-19 Virus cases is not limited to Delhi alone but it has engulfed the entire nation. The extraordinary situation caused by the sudden and second outburst of COVID-19 Virus, thus, requires extraordinary measures to minimize the hardship of litigant-public in all the states. We, therefore, restore the order dated 23rd March, 2020 and in continuation of the order dated 8th March, 2021 direct that the period(s) of limitation, as prescribed under any general or special la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal has checked the credentials of Mr. Hemanshu Jetley, and there is nothing adverse against him. In view of the above, we appoint Mr. Hemanshu Jetley, Registration No.IBBI/IPA-001/IP-P00219/2017-2018/10457, Email: [email protected], Mobile No.90417-00000, the Interim Resolution Professional. The IRP is directed to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 12. In the given facts and circumstances, 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. Moreso, the respondent has admitted the claim and expressed its inability to pay back the debt. Accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence 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, trib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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