TMI Blog2019 (5) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... DICIAL) AND MR S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For The Financial Creditor : Mr Gaurav Chatterjee, J.R. Jayant and M.G. Pranava Charan, Advocate For The Corporate Debtor : Mr . Pushkar Sood and Pawan Jhabakh, Advocate ORDER Per : B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is a Company Petition filed by the Financial Creditor ( the Creditor ) u/s 7 of the Insolvency Bankruptcy Code, 2016 ( the Code ) stating that the Corporate Debtor ( the Debtor ) defaulted in repaying loan amount of ₹ 7,90,71,611 as on 06.03.2018, henceforth sought for initiation of Corporate Insolvency Resolution Process (CIRP) against the Debtor. 2. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... since 31.05.2016. It is further stated that the Debtor has so far paid only ₹ 97,69,317. The Creditor says that the Debtor has failed to repay neither the principal amount nor the interest amount till date since 31.05.2016. As no repayment has come since 31.05.2016, this Creditor has initiated this proceeding on 24.04.2018 for initiation of CIRP against the Debtor. The Creditor has given details of the assets over which charge has been created and has also filed Certificate of Registration of charges issued by the Registrar. This Creditor to prove that the liabilities being reflected in the records of the Debtor, it has filed the Balance Sheet and Notes thereof reflecting this liability in the records of the Debtor. In addition to it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from 20.03.2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. V. That the public announcement ..... X X X X Extracts X X X X X X X X Extracts X X X X
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