TMI Blog2017 (4) TMI 1520X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 read with rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process. The Corporate Debtor M/S Suvarna Karnataka Cements Private Limited stated in the petition that it was incorporated on 6 th November, 2006. The Registered Office of the corporate Debtor is situated at Flat No.02, BlockNo.06, Celebrations Suncity, Sarjapur Ring Road, Bengaluru-560034. The latest authorised share capital is ₹ 2,00,00,000 divided into 20,00,000 equity shares of Rs. I O/- each. The issued, subscribed and paid-up share capital is ₹ 2,00,00,000 divided into 20,00,000 equity shares of ₹ 10/- each. The Audited balance sheet of 31 st March, 2016 is mar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate debtor has also provided the copies of audited financial statements for the years 2014-2015 and 2015-2016, provisional financial statements as on March, 2017, list of assets and liabilities as on 1 5th March, 2017, details of financial creditors. The corporate Applicant disclosed the names and addresses of members with details of their shareholdings and the affidavit in support of the petition. The Corporate debtor has also provided written synopsis duly signed by Petitioner Counsel, wherein it was stated that the Corporate Applicant has 3 Financial Creditors, namely, SVC Cooperative bank, SREI Equipment Finance Limited and L T Fincorp Limited. The Corporate Applicant has defaulted in respect of all three financial Creditors. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. ii. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. iii. That the provisions of sub-section (I ) of Section 14 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 28 th April, 2017 till the completion of the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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