TMI Blog2020 (3) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition admitted - moratorium declared. - C.P. IB NO. 1342/ND/2018 - - - Dated:- 16-10-2019 - Dr. Deepti Mukesh, Judicial Member And Hemant Kumar Sarangi, Technical Member Avinash Mohapatra, Adv. for the Petitioner. Rakesh Kumar, Chetan Bisht, and Vaibhav Sahni, for the Respondent. ORDER Hemant Kumar Sarangi,. The present application has been filed under Section 7 of the Insolvency Bankruptcy Code, 2016, (hereinafter referred to as the Code ), read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by State Bank of India, through its Assistant General Manager, Mr. V.K. Karwal, in terms of General Regulations No. 76 77 of St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dge Loans which were repaid by the respondent from time to time. 4. In Part-IV of the Petition, the Financial Creditor has given the details of the total amount of the financial debt and the date on which the debt fell due, as reproduced below; ACCOUNT No. Amount Claimed to be in Default (In Rs.) 30989995247 30990048021 31860091341 33333318067 34512163075 ₹ 1,44,87,98,629.89/- Uncharged interest from 01.09.2016 to 31.07.2018 ₹ 11,10,00,350/- Total ₹ 1,44,87,98,629.89/- Total Default Amount: ₹ 1,44,87,98,629.89/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exed. Copies of certificates of Registration of Charges issued by Registrar of Companies along with copy of Search Report dated 05.04.2018 along with the Status Report in respect of search having been conducted from Sub-Registrar by Applicant Bank's empanelled Kumar Vijesh Associates Company Secretary, Karnal is annexed along with the application. 7. It is further submitted by the applicant, that the corporate debtor failed to maintain the financial discipline and the account was declared Non-Performing Asset (NPA) on 28.12.2016 by the applicant. 8. Further the applicant bank issued a notice dated 04.06.2018 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to the woes of respondent and the account got declared NPA on 28.12.2016. 10. It is further claimed by the respondent that, the respondent had suffered huge financial losses, due to unavailability of working capital funds, which were promised, but not released by the applicant in time but on the other hand in February 2018, without sending any intimation to the respondent, applicant had blocked and freezed all the accounts of the respondent, due to this the respondent was not able to make day to day payments and suffered financial losses as well as lost market trust. 11. The applicant in its rejoinder states that, the averments made by the respondent in its reply, with regards to the classification of MSME do not absolve the liabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Ludhiana-141008, email-id emmfee.consulting@gmail.com, mobile no. 9814117576 and having registration number IBBI/IPA-001/IP-P00785/2017-18/11341 is appointed as the Interim Resolution Professional. 16. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) (d) and thus the following prohibitions are imposed which must be followed by all and sundry: (a) the institution of suits or continuation of pending suits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation by the ex-management or its ex-directors the Interim Resolution Professional would be at liberty to make appropriate application to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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