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TMI Blog2019 (6) TMI 1569X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 201.6 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Dev Denso Power Limited (for brevity the 'corporate debtor'). It is appropriate to mention that the 'financial creditor' is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. 2. The Corporate Debtor - Dev Denso Power Ltd. was incorporated on 23.12.1997 under the provisions of the Companies Act, 1956. The identification number of the Corporate Debtor given is CIN U74200DL1997PLC091296. 3. It is submitted by the Petitioner that it had initially sanctioned c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t due to the financial creditor by the corporate debtor as on 30.09.2018 is Rs. 17,58,73,493.56/-. A tabular chart depicting working of the amount in default is annexed (Annexure 1/W). 6. The Financial Creditor has proposed the name of Ms. Pooja Bahry as the Insolvency Professional with the address 59/27, Prabhat Road, New Rohtak road, New Delhi - 110005, Mobile No. 9811071716 and [email protected]. Her registration number is IBBI/IPA-003/IP-N00007/2016-17/10063. She has filed her written communication as per the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration (Annexure-II). 7. In Part-IV of the Petition, the Financial Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ario the corporate debtor is in temporary deficiency of funds. 12. The preliminary objection raised by the Respondent-Corporate Debtor is that the present Petition is barred by limitation as the account was classified as NPA on 31.03.2014. However the assertions have been controverted. The Financial Creditor-Petitioner has attached a copy of the Balance Sheet for the year 2016-17 filed with the RoC where the corporate debtor - respondent has admitted its liability as on 31.03.2017 (Page 559 of the petition). It is also submitted that vide order dated 01.09.2018, the petitioner-financial creditor has a decree in its favour by the Debts Recovery Tribunal, Lucknow. 13. The argument raised with regard to the petition being barred by limitati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest of the corporate debtor itself, thereby preserving the assets of the corporate debtor during the resolution process. The timelines within which the resolution process is to take place again protects the corporate debtor's assets from further dilution., and also protects all its creditors and workers by seeing that the resolution process goes through as fast as possible so that another management can., through 40 its entrepreneurial skills., resuscitate the corporate debtor to achieve all these ends. 15. In view of the aforesaid, we find that advancement of loan and default stand admitted. Even Otherwise there is overwhelming documentary evidence on record which support those findings. 16. Learned Counsel for the petitioner ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ussion, this petition is admitted and Ms. Pooja Bahry is appointed as the Interim Resolution Professional. 21. We also declare moratorium in terms of Section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government and a surety in a contract of guarantee to a corporate debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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