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TMI Blog2019 (12) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... harashtra ("the financial creditor"), seeking to initiate the corporate insolvency resolution process (CIRP) against Nava Bharat Press (Bhopal) P. Ltd. ("the corporate debtor"). The petitioner/applicant, i. e., Bank of Maharashtra has furnished form 1 under rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 in the capacity of financial creditor on March 16, 2019. 2. In the requisite form, under the head particulars of "financial debt" is mentioned : (i) Dues as per the Debts Recovery Tribunal decree dated August 5, 2011 of Rs. 24,93,08,874. (ii) Interest from July 28, 2009 to September 30, 2018 of Rs. 58,43,50,816. (iii) Other expenses from August 5, 2011 to May 31, 2018 of Rs. 4,30,494. Tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was declared NPA on March 31, 2004. As on July 25, 2009 the outstanding loan was Rs. 24,93,08,873.73 (rupees twenty four crores ninety three lakhs eight thousand eight hundred seventy three only). 4.5 Thereafter an Original Application No. 35 of 2009 was filed before the hon'ble Debts Recovery Tribunal, Jabalpur for the purpose of recovery of the loan from corporate debtor by financial creditor. A decree was passed by the Debts Recovery Tribunal, Jabalpur vide order/judgment dated August 5, 2011 in O. A. No. 35 of 2009, whereby recovery certificate of an amount of Rs. 24,93,08,873.73 with interest of 14.25 per cent. from the date of July 28, 2009 till realization has been mentioned. A copy of order attached to the petition. 4.6 To e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent. 9. The financial creditor as per the decree dated August 5, 2011 by the Debts Recovery Tribunal, Jabalpur and recovery certificate dated May 6, 2015 a total sum of Rs. 24,93,08,874 was due. This along with interest and other expenses as on the date of filling the application, as per the petitioner, amounts to Rs. 83,40,90,183. 10. The financial creditor has proposed the name of Mr. Amresh Shukla, Registration No. IBBI/IPA-001/IP-P00120/2017-2018/10255, as the interim resolution professional of the corporate debtor. He has filed his written communication in form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his certificate of registration. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 ; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. 14. Notwithstanding the above, during the period of moratorium : (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period ; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in their knowledge to the IRP within a period of one week from the date of receipt of this order, in default of which coercive steps will follow. 19. The financial creditor shall deposit a sum of Rs. 1,00,000 (rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the committee of creditors (CoC). 20. The registry is directed to communicate this order to the financial creditor, the corporate debtor and the IRP by speed post and e mail immediately, and in any case, not later than two days from the date of this order. 21. A copy of this order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the master data of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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