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2019 (12) TMI 128

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..... 377; 32,00,000 given by the Applicant. Application admitted - moratorium declared. - IBA NO. 709 OF 2019 - Dated:- 30-8-2019 - B.S.V. Prakash Kumar, Judicial Member And S. Vijayaraghavan, Technical Member Pawan Jhabakh, Adv., Chandra Prakash Surana, Adv. and Ashwin Raman, Adv. for the Applicant. Ramaswamy Mayyappan, Adv. for the Respondent. ORDER B.S.V. Prakash Kumar, It is an Insolvency & Bankruptcy Application (IBA) filed u/s 7 of the Insolvency & Bankruptcy Code, 2016 ("the Code") by the Applicant/Financial Creditor for initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor, based on the default committed by the Corporate Debtor in repaying ₹ 32,00,000 along with inte .....

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..... he letter dated 01.04.2018, this Applicant issued demand notices to the Corporate Debtor on 10.01.2019. 02.02.2019, 12.04.2019 and 28.04.2019. To which, the Corporate Debtor on 28.04.2019 wrote back to the Applicant stating that the Corporate Debtor's financial position having come down, it was not in a position to repay the same. Since it had become clear that repayment would not happen from the Corporate Debtor, the Applicant has filed this case u/s 7 of the Code for initiation of CIRP against the Corporate Debtor. 5. As to the contentions of the Corporate Debtor, the Corporate Debtor counsel has admitted the debt and default, whereby looking at the request of the Corporate Debtor for grant of loan, entries of the payments to the Corp .....

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..... 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 26.08.2019 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 of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. VI. That this B .....

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