TMI Blog2020 (2) TMI 1331X X X X Extracts X X X X X X X X Extracts X X X X ..... iled application under Section 230-232 of the Companies Act, 2013 (CA(CAA)1683/KB/2019) proposing Scheme of Arrangement. In that application, we appointed Chairperson directing him to hold the meeting of the creditors and shareholders of the Corporate Debtor and file report. Chairperson filed report stating that for want of time, meeting could not be held. It is also seen from the record that one of the creditors filed appeal bearing no. Company Appeal (AT) (Insolvency) No. 65 of 2020 against our order of rejection of its prayer for postponement of the date of the meeting. That appeal is still pending. Such meeting can be held and Scheme of Arrangement can be considered even after admission of the Corporate Debtor in CIRP and pending the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eserve Bank of India Circular dated 12.02.2018 and that Circular was declared to be bad in law by Hon'ble Supreme Court in case of Dharani Sugars Chemicals Ltd. Vs. Union of India Ors. (Transfer Case (Civil) 66 of 2018). 3. However, while rejecting application on above technical ground, this Authority has clearly held that the Corporate Debtor did not dispute two material facts: - i) That there is a financial debt payable by the Corporate Debtor to the Financial Creditor more than ₹ 1 Lakh and ii) There a default in paying debt by the Corporate Debtor. 4. Order of rejection of the application was challenged by State Bank of India filling Appeal before Hon'ble NCLAT. Hon'ble NCLAT by order dated 20.09.2019 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eting. That appeal is still pending. 7. Be that as it may. We hold that such meeting can be held and Scheme of Arrangement can be considered even after admission of the Corporate Debtor in CIRP and pending the CIRP process, we have already noted that Corporate Debtor did not dispute that it has committed default in paying the financial debt of more than ₹ 1 Lakh and hence, this application has to be admitted. In fact, this Authority and even the Hon'ble Appellate Tribunal has conclusively held that the Corporate Debtor has to be admitted in CIRP under Section 7 of IBC, 2016, hence, we admit the Corporate Debtor in CIRP with following orders: ORDER i) The application filed by the Financial Creditor under section 7 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any Financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution pla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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