9911796707
TMI Blog2017 (6) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies Act, 1956. The Registered Office of the Petitioner Company is situated at 207, Ajanta Commercial Complex, Opp: Bombay Hotel, Gondal Road, Rajkot-360 002. 3. In this Petition, State Bank of India, is shown as 'Financial Creditor'. Petitioner filed the List of Operational Creditors vide "Annexure-6" to this Petition. 4. Petitioner filed details of debts due to Secured Creditor, vide "Annexure-7". Petitioner also filed the Record of Registrar of Companies confirming the charges of the Financial Creditor. Petitioner filed details of statutory liabilities as on 8.5.2017 vide "Annexure -10". 5. Petitioner stated that notice under Section 13(2) of the SARFAESI Act was issued by the Secured Creditor. Petitioner also stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Act, 2003, but it is on account of taking possession of the assets of the Company by the Bank under the SICA. 9. This Petition is filed before this Adjudicating Authority on 11th May, 2017 and it was listed before this Adjudicating Authority on 15th May, 2017. Petitioner filed proof of despatch of copy of Petitioner. This Authority directed the Petitioner to file the documents relating to the proceedings pending or disposed before the DRT and BIFR. This Authority also directed the Petitioner to issue notice of date of hearing and serve copies of the order on the Creditor and file proof of service. On 18th May, 2017, Petitioner filed documents relating to the proceedings before the DRT and BIFR. Petitioner also filed proof of service of n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor" is defined in Section 3(8) of the Code. It shows that 'Corporate Debtor' means that corporate person who owes a debt to any person. In the case on hand, Petitioner is a 'Corporate Person' which owes debt to Secured Creditor and as well as Operational Creditors which includes mortgage of immoveable properties of the Company. Therefore, Petitioner, who is a Corporate Applicant, is also a Corporate Debtor. In that view of the matter, Petitioner is entitled to trigger insolvency resolution process, provided the Petitioner (Corporate Applicant/Corporate Debtor) committed default. Petitioner, being the Corporate Applicant/ Corporate Debtor, admitted that he has committed default in repayment of loan to the Secured ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of debts to Secured Creditor, Operational Creditors and Statutory Bodies. Petitioner also created mortgage on the moveable properties of the Company. 19. Hence, the Petition filed by the Corporate Applicant is admitted under Section 10(4)(a) of the Code. 20. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (a) However, the supply of goods and essential services to the corporate debtor shall not be terminated or suspended or interrupted during moratorium period. The moratorium order in respect of (i), (ii), (iii) and (iv) above shall not apply to the transactions notified by the Central Government. 23. This order of moratorium shall be in force from the date of order till the completion of Corporate Insolvency Resolution Process subject to the Proviso under sub-section (4) of Section 14. 24. This Petition is ordered accordingly. 25. Communicate a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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