TMI Blog2017 (11) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... ement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. The IRP shall comply with the provisions of Sections 13( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under I B Code, 2016, the Corporate Debtor may be given an opportunity to settle the amount in dispute. In the interest of the justice, this Bench is of the view that one opportunity should be given to the Corporate Debtor to settle the dues. The principal amount claimed by the Operational Creditor is ₹ 1,50,13,529/-. The above mentioned amount along with interest, if any, as provided for in the agreement entered into between the Operational Creditor and Corporate Debtor in the instant case, may be paid. Accordingly, the Corporate Debtor is given an opportunity to settle the outstanding amount within 15 days from the date of receipt of copy of this Order failing which, the Application will be considered for admission. 14. A copy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l hearing on 11.09.2017 i.e. in case this Bench proposes to admit the Application, the Corporate Debtor may he given an opportunity to settle the amount in dispute . However, the Counsel for the Operational Creditor did not agree to the submissions made by the Sr. Counsel for the Corporate Debtor, and submitted that the principal amount along with interest, which may be fixed by this Bench should be paid by the Corporate Debtor. But, the Sr. Counsel for the Corporate Debtor did not agree to make the payment as has been submitted by the Counsel for Operational Creditor. Then, both the Counsels prayed to pass an appropriate order. 5. The Counsel for the Operational Creditor further submitted that he has proposed the name of IRP by- seekin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I B Code, 2016. We order to prohibit 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 acti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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