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TMI Blog2017 (7) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... vt. Ltd., presently contesting and opposing the impugned Application filed by the Corporate Debtor (Petitioner) under Section 10 The Code. This Application is moved so as to initiate Corporate Insolvency Resolution Process so that under the provisions of Section 14 of The Code the process of "Moratorium" may commence. 3. The documents annexed with the impugned Application have demonstrated that an "Assignment Agreement" was executed between Dhanlaxmi Bank Limited (Assignor) and M/s. Phoenix ARC Pvt. Ltd. (Assignee) dated 28.03.2014 through which the "Assignor" had assigned the total outstanding debt to the "Assignee". The Assignee is a Company incorporated under the Companies Act and registered as a Securitization and Asset Reconstruction Company pursuant to Section 3 of SARFAESI Act. Initially the personal properties were mortgaged to Dhanlaxmi Bank Limited and on modification of charge those properties stood mortgaged with "Assignee" detailed as under:- (a) Residential flat admeasuring about 224 sq. ft. carpet area bearing Flat No. 107 on the 1st floor in the building known as Autumn Grove situated at Plot No. H-D5 of Sector III, Lokhandwala Township, Akurli Road, Kandivaii (E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e default of non-payment has already been established. He therefore pleaded that the Application deserves to be dismissed. In support placed reliance on the following decisions of NCLT Benches. (a) Antrix Diamond Exports Pvt. Ltd. 407, Pancharatna, Opera House, Mumbai-400 004 in CP No. 1104/I & BP/NCLT/MAH/2017, u/s. 10 of the Insolvency and Bankruptcy Code, 2016 Order dated 20th June, 2017, by NCLT Mumbai Bench. (b) Leo Duct Engineers & Consultants Ltd. in CP No. 1103/I & BP/NCLT/MAH/2017, u/s. 10 of the Insolvency and Bankruptcy Code, 2016 Order dated 22nd June 2017, by NCLT Mumbai Bench. (c) Unigreen Global Private Limited in CP No. IB-39(PB)/2017, u/s. 10 of the Insolvency and Bankruptcy Code, 2016 Order dated 08.05.2017, by Principal Bench, NCLT New Delhi. 6. FINDINGS:-Heard the rival contentions at some length. At this preliminary stage on the question of "Admission" an exhaustive order is not obligatory, discussing comprehensive details of debt in question, contents of Agreements, Terms and Conditions agreed upon etc. thus needs no elaborate discussion. Prima facie it is required to examine the basic facts only to ascertain whether the Application under consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that under which head of Liabilities the impugned liability was reflected by the Debtor Company. The Annexures have demonstrated that there was a Cash Credit Facility along with a Bank Guarantee Facility of Loan from Dhanlaxmi Bank Limited. The other type of liability from Standard Chartered Bank is under the title "Unsecured Loan". The Balance Sheet of the Corporate Debtor do not contain the impugned heads of liability. This fact is yet to be ascertained. For this reason it is appropriate to appoint a Professional to stream line the position of the debt, which can be done only after due examination of the Books of Accounts of the Debtor. This is the first reason due to which this Bench is of the opinion that the Application under Section 10 of the I & BP Code deserves "Admission". 7.3 On examination of the Balance Sheet it is further noticed that there are Sundry Creditors amounting to Rs. 3,37,74,086/-. The fate of these Sundry Creditors is not known at present. There is no evidence on record to indicate that how the interest of the Sundry Creditors has been safe guarded. This aspect can be examined by the Professional to be appointed on "Admission" of this Application. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the ambits of the Moratorium?. To examine this aspect it is useful to reproduce verbatim the provisions of Section 14 of The Code as under:- Section 14. Moratorium (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following namely:- (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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. 2. ...... 3. ..... 4. ..... ..... 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