TMI Blog2020 (3) TMI 485X X X X Extracts X X X X X X X X Extracts X X X X ..... ult are proved. The application is admitted - moratorium is declared. - TP NO. 192/CTB/2019, CP(IB) NO. 4701/MB/2018 - - - Dated:- 14-11-2019 - Ms. Sucharitha R., Judicial Member And Satya Ranjan Prasad, Technical Member Umesh Chandra Sahoo for the Petitioner. ORDER Ms. Sucharitha R., 1. The applicant Dena Bank is represented by Mr. Uma Shankar Barik as per authorisation letter dated 13.11.2018. This application is filed under Section 7 of Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process of the Corporate Debtor M/s Kanak Pulp Paper Mills Pvt. Ltd. 2. The respondent M/s Kanak Pulp Paper Mills Pvt. Ltd. Is registered under the Companies Act, 1956, bearing CIN U21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imitation. The Registered Office of the Corporate Debtor is at C/o Bharat Sales, Opp. Hotel Grand International, Station Road, Raipur, Chhattisgarh - 492 001. Hence, this Adjudicating Authority has jurisdiction. 7. The applicant granted Term Loan (I) to the tune of ₹ 3,54,00,000/-disbursed on 31.12.2013, Term Loan (II) to the tune of ₹ 3,95,99,106.61 disbursed between 15.01.2016 to 11.02.2016 and Cash Credit Limit to the tune of ₹ 8,50,00,000/- disbursed on 22.10.2015 to the M/s Kanak Pulp Paper Mills Pvt. Ltd. The loans were secured by hypothecation of movables and mortgage of immovables of the Corporate Debtor. The cash credit facilities were enhanced time and again. The sum of ₹ 13.41 Crores is due and payabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in Clause (b) of sub-Section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immediately. (iv) Moratorium under Section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: (a) The institution of Suits or continuation of pending Suits or proceedings against the Corporate Debtor including execution of any judgment, decree or Order in any Court of law, Tribunal, Arbitration Panel or other Authority; (b) Transferring, encumbering, alienating or disposin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. (x) Shri Jagdish Kumar residence of B56, Wallfort City, Bhatagaon, Ring Road No. 1, Raipur, Chhattisgarh - 492 001 having Registration No. :IBBI/IPA-001/IP-P00671/2017-18/11143 and Email Id : jkparulkar@aaainsolvency.com is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a Resolution Plan. (xi) The Resolution Professional should convene a meeting of the Committee of Creditors and submit the Resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. The Interim Resolution Professional is directed to produce Form-2 and written communication w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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