TMI Blog2017 (8) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend all assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accorda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms of Section 5(7) of the Code. It has made adequate disclosure being the transferee of the financial contract by placing on record a copy of the order dated 09.12.2016 passed by Hon'ble Bombay High Court. Thus, it has fulfilled the requirement of Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'Adjudicating Authority Rules'). 2. The 'Financial Creditor' was incorporated on 17.08.2000 as is evident from a copy of the Company Master Data obtained from the website of Ministry of Corporate Affairs (Annexure-III). All other necessary disclosures have been made. The 'Corporate Debtor' was incorporated on 08.03.1995 with authorized and paid up share capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided in part-IV of Form 1 prescribed by rule 4 of the Adjudicatory Authority Rules. After 31.03.2016 no instalment has been received as per the loan repayment schedule. 4. The loan was advanced after the 'Corporate Debtor' entered into the secured lending loan agreement with the 'Financial Creditor' towards the equipment. The hypothecation was duly marked and agreed under the agreement. A copy of Form 8 filed by the 'Corporate Debtor' registered in favour of the 'Financial Creditor' with the Registrar of Companies, NCT of Delhi Haryana is enclosed (Annexure-VI). In support of the claim of default, report of CIBIL has been enclosed (Annexure-VIII). The parties had also executed an agreement to that eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s argued that Section 7 of the Code is free from any such bar of pendency dispute in a civil suit or arbitration proceeding which operate in case of 'Operational Creditor'. 6. Having heard the learned counsel and perusing the paper book with his able assistance, we are of the view that all necessary requirements contemplated by Section 7 of the Code stand complied with. The 'Financial Creditor' has disclosed the relevant data by placing on record the evidence of advance, the delay in payment of EMIs and the last payment made on 31.03.2016. It is thereafter that the 'Corporate Debtor' has committed default as is evident from the statement of accounts maintained by the petitioner in respect of the respondent account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny action to foreclose, recover or enforce any security/interest created by the corporate debtor in respect of its property including any action under the Securitisation 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. 8. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. 9. The Interim Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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