TMI Blog2020 (9) TMI 893X X X X Extracts X X X X X X X X Extracts X X X X ..... nt made will not be applicable in the present petition. This adjudicating Authority is inclined to admit this petition and initiate CIRP of the Respondent Company. Accordingly, this petition is admitted - moratorium declared. - Company Petition (IB) No. 85/ALD/2020 - - - Dated:- 11-6-2020 - Rajesh Dayal Khare , J. ( Member ( J ) ) For the Appellant : Gunjan Jadhwani For the Respondent : Aditya Singh , Advs ORDER Rajesh Dayal Khare, J. (Member (J)) 1. The present petition has been filed by the financial creditor (herein referred as petitioner )i.e. Axis Bank. Ltd. under Section 7 of the Insolvency Bankruptcy Code, 2016, (hereinafter referred to as the Code ), praying for initiation of Corporate Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n duly served and the counsel appeared on behalf of the corporate debtor and filed the counter affidavit in which at page 2 para 1.4 the corporate debtor has submitted the tabular representation of the details of debt in which they have admitted the debt of the financial creditor. Thus, oral arguments were heard and order was reserved. 6. Mere plain reading of the provision shows that in order to make an application under Section 7(1) the financial creditor/petitioner is required to establish: i.)Whether there is duly established financial debt. ii.) Whether there is default in payment by the corporate debtor. iii.) Whether the documents attached with the applicant shows that there is default in payment of debt and name of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... March, 2020 for the period of six months or such months or such further period, not exceeding one year from such date, as may be notified in this behalf: Provided that no application shall ever be fled for initiation of Corporate Insolvency Resolution Process of a corporate debtor for the said default occurring during the said period. Explanation- For the removal of doubt, it is hereby clarified that the provisions of this Section shall not apply to any default for the said sections before 25th March, 2020. 8. Therefore, in the present application the date of default in the present application is 31st August, 2019, thus the amendment made will not be applicable in the present petition. 9. Considering the facts and circums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period.] 2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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