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TMI Blog2019 (4) TMI 920X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Process under Section 10 of the 1B Code in Form-6. 3. Pursuant to the said Resolution, UIC Corporation Private Limited through its Authorized Representative filed this petition before this Tribunal. 4. M/S. UIC Corporation Private Limited is a company registered under the Companies Act having its Registered Office in Village Kherdi, Silvassa, Union Territory of Dadra & Nagar Haveli with a Paid Up Share Capital of Rs. 1300.00 Iacs. The list along with latest address of the Directors of the corporate applicant is placed at page No. 8 to the application marked Annexure IA. In all, there are, eight shareholders of the company as per the list of shareholders placed at page No. 40 to the application marked Annexure- 3. 5. It is further submitted by the corporate debtor that the applicant company has the following Financial Creditors; 6. It is further submitted that the following are the unsecured financial creditors; 7. It is also stated that there are Operational Creditors to the extent of Rs. 6,32,38,327.00 as per the details provided at Annexure - 8 placed at page No. 55. The corporate debtor also stated that the Company is having Statutory Liabilities to the exte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 56-59 marked Annexure - 9A and provisional financial statements for the current financial year made up to date not earlier that fourteen days from the date of the application at page No. 180-190 marked Annexure 16 to the petition. The company has also filed copies of audited financial statements of the corporate debtor for the last two financial years at page No. 143 - 179 marked Annexure - 15 and the provisional financial statements as on 27.01.2018 at page No. 180 - 190 marked Annexure - 16, as prescribed under the Rules of Insolvency & Bankruptcy Code. 11. The applicant company has given the names and addresses of the financial creditors, operational creditors of the company and details of dues outstanding to them and also particulars of the security created on the assets of the company. Despite the details given above, the applicant company has disclosed the debts owed to the company as well as the company owed to others. 12. On filing of Application, Notice was given to the Financial Creditors. In response to the Notices, Union Bank of India and State Bank of India appeared through their Learned Counsel. 13. That the Union Bank of India by reply dated 02.04.2018 stated th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted in form 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section Il and if all the information is provided by the corporate debtor as also the mandatory requirements under Section 10 and form No. 6 are complete then it is to be admitted if otherwise not ineligible under Section Il. 21. At this stage it is expedient to refer the judgement passed by Hon'ble NCLAT in the matter of M/S. Unigreen Global Private Limited Vs Punjab National Bank & Others in Company Appeal (AT) (Insolvency) No. 81 of 2017, wherein, it was held that . 20. Under both Section 7 and Section 10, the two factors are common i.e. the debt is due and there is a default. Sub-Section (4) of Section is similar to that of Sub-Section (4) of Section 10. Therefore, we, hold that the law laid down by the Hon 'ble Supreme Court in "Innovative Industries Ltd. (Supra) is applicable for Section 10 also, wherein the Hon 'ble Supreme Court observed as "The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor is one in respect of whom a liquidation order has already been made can be a ground to reject the application under section 10 on the ground of suppression of fact/not come with clean hand. 24. 1st Respondent- financial creditor has referred to pendency of a Civil Suit between 'Mayank Maheshwari v. Anurag Garg' and another suit between 'Sh. 'agar Nath Mehto v. Vedika Overseas Tradex Ltd. Pendency of such suits cannot be a ground to deny admission of an application under section 10, if al/ the information in terms of Section 10 of the I & B Code and Form 6 has been supplied by a corporate Applicant/ Corporate Debtor and the application is otherwise complete. Non-mentioning of suit(s) pending between the parties cannot termed to be suppression of facts nor can be a ground to reject the application. In fact, once the application under Section 10 is admitted, all such related proceedings, including suits for recovery of moveable or immovable property of the Corporate Debtor and other proceeding cannot proceed further in any Court or Tribunal or Authority in view of order of 'moratorium' as may be declared under section 13 and prohibition that may be impo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ' and call for submission of claims under Section 13(I)(b) read with Section 15 of the Code and Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 27. This Adjudicating Authority hereby order moratorium under Section 13(1)(a) of the 1B Code prohibiting the following as referred to in Section 14 of the Code; (a) the institution of suits or continuation of pending suits or proceedings against the Company/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 Company/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 Company/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 Com ..... 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