9911796707
TMI Blog2017 (2) TMI 1407X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy Code, 2016. The application has been submitted in form 5 as provided under the Insolvency and Bankruptcy Code 2016. The applicant has stated in the application that he has preferred this application on the basis of amount claimed to be in default and the workings for computation of default are (1) Salary for August 2016 - Rs. 60,650/-, (2) Bonus from 1.10.15 to 31.08.2016 - Rs. 47,690/-, (3) Leave from 1.10.15 to 31.08.16 - Rs. 47,690/-(4) Gratuity from 01.04.1993 to 31.08.2016 - Rs. 8,64,408/-, total amount due being Rs. 10,20,437/- from the Operational Debtor and date of default being 31.08.2016. It has been stated in the application that the corporate debtor is in default of about Rs. 10,20,437/- with respect to operational cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the guidance of the Adjudicating Authority under the IBC, 2016. Finally, they sought some breathing time and assured the operational creditor that the payment of all dues will be made. 4. In the circumstances mentioned above, we admit the petition for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in section 13 of IBC 2016. The relevant sections 13 and 14 are reproduced below for the purpose of convenience. 13. Declaration of moratorium and public announcement (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order- (a) declare a moratorium for the purposes referred to in section 14; (b) cause a publ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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