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TMI Blog2022 (6) TMI 1434X X X X Extracts X X X X X X X X Extracts X X X X ..... : Mr. Om Narayan Rai, Advocate., Mr. Debasish Chakraborti, Advocate. For the Corporate Debtor : Mr. Mainak Bose, Advocate., Ms. Urmila Chakrabarty, Advocate., Mr. Pranav Sharma, Advocate . For Resolution Professional : Mr. Ashok Kumar Agarwal, RP in person ORDER RAJASEKHAR V.K., MEMBER (JUDICIAL) Prologue 1. The Court convened via hybrid mode. 2. On 12 November 2018, EMC Limited ('Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 60(5) of the Insolvency and Bankruptcy Code('Code') by Mr. Manoj Toshniwal ('Personal Guarantor')of the Corporate Debtor inter alia, praying for the following reliefs; (a) An order for setting aside the order dated 17 February, 2022, passed by this Adjudicating Authority. Submission by the Ld. Counsel appearing on behalf of the Personal Guarantor 5. The application filed by the SBI wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nitiate any legal action or proceedings in respect of any debt. Hence, the proceeding in C.P (IB) No. 319/KB/2021 before this Adjudicating Authority should also be stayed. Analysis and Findings 8. We have heard the Ld. Counsel appearing on behalf of the parties and perused the documents on record. 9. On a conjoint and careful reading of section 96 96. (1) When an application is filed under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation with any financial sector regulator. of the Code it appears that an interim moratorium shall commence on the date of the application in relation to all the debts and shall cease to have effect on the date of admission of such application and; during the interim moratorium period, all legal actions or proceedings pending in respect of any debt shall remain stayed and creditors shall not init ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09 July, 2021. 12. In view of the above facts and circumstances, we, hereby, order as follows; (a) I.A (IB) No. 310/KB/2022 is allowed. (b) Resultantly, C.P (IB) No. 319/KB/2021 is stayed. (c) Consequently, the order dated 17 February, 2022 is hereby recalled. (d) The Resolution Professional appointed vide order dated 17 February, 2022 shall be discharged of his duties. 13. A certified c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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