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2017 (8) TMI 1197 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHInsolvency Resolution Process - pending suits or proceedings against the 'Corporate Debtor' - Held that:- There is no dispute existing in the present case as tried to be set up by the respondent and the petition which complies with various requirements, deserves to be admitted. The petition, therefore, is admitted declaring the moratorium with the following directions: i) That the Bench hereby prohibits 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; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; 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 Reconstructs of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. ii) That the supply of essential goods or services to the 'Corporate Debtor', if continuing, shall not be terminated or suspended or interrupted during moratorium period iii) That the provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. iv) That the order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33 as the case may be. Since the name of Interim Resolution Professional has not been proposed by the Applicant, we direct that a reference be made to the Insolvency and Bankruptcy Board of India for recommending an Insolvency Professional, who may act as Interim Resolution Professional in terms of sub-section (3) and (4) of Section 16 of the Code.
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