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TMI Blog2019 (12) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Creditor" on 19.11.2019 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against 'BRISTO FOODS PVT LTD' (hereinafter as 'Corporate Debtor'). The registered office of the Corporate Debtor is stated to be Plot No. VIII/636/E, NIDA, Menonpara Road, Kanjikode, Palakkad-678621, Kerala. 2. The Financial Creditor had advanced an amount of Rs. 31,00,000/- (Rupees Thirty-One Lakhs Only) in the year 2007-2008 in several traches., as it is evident from the ledger account of the Corporate Debtor. On receipt of the entire money as loan the company executed a deed of guarantee. It is agreed by the Corporate Debtor in the deed of guarantee that he shall repay within six quarterly instalments, beginn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition and prayed for admission and initiating Corporate Insolvency Resolution Process under Section 7 of IBC. FINDINGS 5. The Registry of this Tribunal has issued a notice to the Corporate Debtor intimating about the application filed under the Insolvency and Bankruptcy Code Under Section 7 and directed the Corporate Debtor to appear before the Tribunal on 04.12.2019. The notice to Corporate Debtor was duly served. The Corporate Debtor has not appeared before this Tribunal. Therefore, the case has decided ex prate. 6. The Financial Creditor falls under section 5(7) can file an application for initiating corporate insolvency resolution process against a Corporate Debtor before this Adjudicating Authority when the default has occur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enceforth with effect from the date of order shall be applicable by prohibiting institution of any suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. 11. However, the supply of essential services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 12. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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