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2019 (3) TMI 396 - HC - Income TaxRecovery proceedings - Notice u/s 226(3) - effect of application under Section 9 of the Insolvency and Bankruptcy Code, 2016 - whether the petitioner or the respondent-bank/department would have precedence to recover the outstanding liabilities from M/s R. P. Basmati Rice Ltd.? - HELD THAT:- As stated an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by the respondents has been admitted by the National Company Law Tribunal, Chandigarh Bench, Chandigarh (in short 'NCLT') and Moratorium under Section 14(1) of the Code has been declared. In view of the above, we declare the Moratorium in terms of sub section (1) of Section 14 of the Code as under:- (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.” Learned counsel for the parties are ad idem that in view of the Moratorium issued by NCLT, the present petition has become infructuous and may be disposed of as such.
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