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TMI Blog2020 (1) TMI 1380X X X X Extracts X X X X X X X X Extracts X X X X ..... le 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity "the Rules") with a prayer to trigger corporate insolvency resolution process in respect of the respondent-company Pine View Portfolio Consultant P. Ltd., referred to as the corporate debtor. 2. The respondent-Pine View Portfolio Consultant P. Ltd., against whom initiation of corporate insolvency resolution process has been prayed for, was incorporated on June 28, 2007 having its registered office at property No. 72A, Shop No. 2, DDA Flats, Stayam Enclave, Jhilmil, East Delhi-110 095. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCLT of Delhi is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jeev Aggarwal had assured financial creditor that the amount of Rs. 25 lakhs only so paid to the corporate debtor will be repaid within three months along with interest at 24 per cent. per annum from the date of payment. (iv) Despite several request and demand, the corporate debtor did not repay the outstanding amount payable to the financial creditor was compelled to file one criminal complaint vide diary No. 31-A, dated September 20, 2019 before the New Friends Police Station and the same is pending enquiry. (v) That the financial creditor got served the legal notice dated November 5, 2019 through its counsel to the corporate debtor thereby demanding the amount payable by the corporate debtor, however the same was not replied. 5. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oposed resolution professional, it may, by order, admit such application ; or" 11. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with section 7 of the Code. We are satisfied that a default amounting to lakhs of rupees has occurred within the meaning of section 4 of the Code and the application under sub-section (2) of section 7 is complete ; and no disciplinary proceedings are pending against the proposed interim resolution professional. Thus, the application wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 15. It is made clear that the provisions of moratorium shall not apply to (a) such transactions which might be notified by the Central Government in consultation with any financial regulator ; (b) a surety in a contract of guarantor 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 wou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extend every assistance and co-operation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else the interim resolution professional/resolution professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The interim resolution professional/resolution professional shall be under a duty to protect and preserve the value of the property of the "corporate debtor" as a part of its obligation imposed by section 20 of the Code and perform all his functions strictly in accordance with the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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