TMI Blog2017 (2) TMI 1407X X X X Extracts X X X X X X X X Extracts X X X X ..... andstill. However, in consultation with the company's legal advisors, the company is seeking their guidance to revive the company under 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. 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 - Company Petition No. 73/2017 - - - Dated:- 27-2-2017 - Vijai Pratap Singh, JUDICIAL MEMBER AND S. Vijayaraghavan, TECHNICAL MEMBER For the Appellant : Jishnu Chowdhury, Ms. Swapna Choubey, Sidhartha Sharma and Ms. Namrata ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation. The applicant has also issued Form of notice dated 25th January, 2017 with which invoice demanding payment is to be attached in Form No.4 (page No.32 of the application) to the operational debtor. The operational debtor, i.e. REI Agro Limited vide their letter dated 11.09.2016 has also acknowledged the debt of ₹ 10,20,437/- to be paid to the applicant which is at Annexure 1 (page 9) of the application. 3. In response to the demand notice dated 25th January, 2017 given by the applicant, the operational creditor vide their letter dated February 6, 2017 has written to the applicant that the company is badly suffering from financial crisis and due to various reasons, it has resulted in erosion of the company's net worth and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratorium (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication to Adjudicating Authority) Rules, 2018, Mr. Anil Agarwal has submitted his consent as stipulated in Form-2 of the NCLT Rules. The details and registration number of I.R.P. given in the Petition, are as under: Mr. Anil Agarwal Chartered Accountants, 9, Binoba Bhave Road, Flat No.2G, Behala, Kolkata - 700 038 anil@dvaonfine.in Regn. No.IBBI/IPA-001/IP-00621/2016-2017/1372 7. The applicant/petitioner has also certified the fact that Mr. Anil Agarwal is fully qualified and permitted to act as an Interim Resolution Professional in accordance with Code and the Associated Rules and Regulations. 8. The application for initiation of Corporate Insolvency Resolution Process is accepted and Mr. Anil Agarwal is hereby ..... X X X X Extracts X X X X X X X X Extracts X X X X
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