TMI Blog2018 (2) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Insolvency and Bankruptcy Code of India and that there are no disciplinary proceedings pending against him is in record. We hereby Admit the present petition. A moratorium in terms of Section 14 shall come into effect forthwith - (IB) 400 (ND)/2017 - - - Dated:- 15-11-2017 - SMT. INA MALHOTRA AND MR. S.K. MOHAPATRA, JJ. ORDER As Per Ms. Ina Malhotra Member (J) This petition has been filed by the Union Bank of India as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as a Code ). They have prayed for initiation of Corporate Insolvency Resolution Process to be set in motion against the Respondent Corporate Debtor on grounds of its inability to pay its debt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total outstanding liability as on 31.08.2017 is ₹ 25,93,84,046.73/- inclusive of interest and other charges imposed in terms of the agreement. The statement of account pertaining to various limits, duly certified under the Banker s Book Evidence Act, 1981 has been filed. A suit for recovery is also pending before the DRT-1, Kolkata for recover of ₹ 21,80,44,846/-. It is submitted that the financial debt of the Corporate Debtor has been acknowledged vide the balance confirmation letters dated 11.05.2013 and 20.03.2015. It is submitted on behalf of the Financial Creditor that the Corporate Debtor has committed a default defined under Section 3(12) of the Code and therefore has prayed for triggering the Insolvency Resolution Proces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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