9911796707
TMI Blog2019 (5) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Resolution Process (in short CIRP) of the Corporate Debtor as the Corporate Debtor committed default in paying financial debt of more than Rs. 461.08 crores. The financial debt consist of the loan from other Banks i.e. UCO Bank (Rs. 48.08 crores) United Bank of India (Rs. 31.94 crores), Bank of India (Rs. 31.82 crores), Canara Bank (Rs. 8.35 crores), Corporation Bank (Rs. 3.94 crores) and Oriental Bank of Commerce (Rs. 3.75 crores). 2. It appears from record that Joint Lenders Meeting was heid on 05.10.2018, the Financial Creditor being lead bank in consortium, was directed to initiate the CIRP against the Corporate Debtor. 3. Financial Creditor produced on record the agreement of restructure of loan of the Corporate Debtor from time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency and Bankruptcy Code. In this case, Corporate Debtor admitted both the facts. 8. The Financial Creditor suggested name of Mr. Rajesh Kumar Agarwal for appointment of Interim Resolution Professional. There is nothing on record to show that Mr. Rajesh Kumar Agarwal is facing any disciplinary enquiry at present. Since the application filed by the Financial Creditor is defect free, hence, I admit the same by following order. ORDER (i) The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Divine Alloys & Power Co. Ltd. is hereby admitted. (ii) I declare a moratorium and public announceme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uspended, or interrupted during moratorium period. (vi) The provisions of sub-section (1) shall not apply to such transactions as maybe notified by the Central Government in consultation with any financial sector regulator. (vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (viii) 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 order, as the case mayb ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
