TMI Blog2019 (11) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed. Application admitted - moratorium declared. - C.P. (IB) No. 888/KB/2018 - - - Dated:- 25-7-2019 - MADAN B. GOSAVI, JUDICIAL MEMBER For The Financial Creditor : Miss Urmila Chakraborty Abd Miss Paramita Datta Naskar ORDER 1. This application has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as I B Code] by Punjab National Bank/Financial Creditor for initiating Corporate Insolvency Resolution Process [hereinafter referred to as CIRP ] against the Respondent/Corporate Debtor, M/s. Chhotanagpur Roadlines Pvt. Ltd. alleging that the Corporate Debtor defaulted in repaying the loan availed by it from the Financial Creditor and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry Proceeding being R.P. Ho. 251/2015 for realizing the certificate amount is pending before the Recovery Officer, D.R.T., Ranchi which is still pending. e. The Financial Creditor sent a demand notice dated 15.07.2017 to the Corporate Debtor to pay off the loan amount, in spite of which, the Corporate Debtor did not make the payment and therefore, the Financial Creditor has filed the instant application under Section 7 of the I B Code, 2016. 3. The Financial Creditor produced proof of lending loans to the Corporate Debtor and the following are the documents relevant for the consideration of the case in hand:- a. Copy of the Sanction Letter dated 25.10.2008 marked and annexed as Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial Creditor has filed this application for initiating CIRP against the Corporate Debtor. 6. Notice of admission was served upon the Corporate Debtor. The Applicant filed an affidavit of service proving delivery of notice to the Corporate Debtor on 04.08.2018. So, delivery of notice to the Corporate Debtor is declared sufficient. Ld. Counsel, Sri Satyendra Agarwal had appeared for one of the Directors of the Corporate Debtor on 24.10.2018 and thereafter failed to appear and hence an order for ex parte hearing against the Corporate Debtor was passed. 7. Heard the Ld. Counsel appearing for the Financial Creditor and perused the records. This is an application filed under Section 7 of the I B Code, 2016 for in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed. Accordingly, this application is admitted upon the following orders:- a. This application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s Chhotanagpur Roadlines Pvt. Ltd. is hereby admitted. b. I hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. c. The moratorium is declared for the purposes referred to in Section 14 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and cal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in consultation with any financial sector regulator. g. The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. h. 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 may be. i. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. j. Mr. Niraj Agarwal of M/S H. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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