TMI Blog2021 (5) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Appellant : A.S. Sathish Kumar, PCS ORDER Anil Kumar B., Member (T) 1. The Applicant viz., M/s. JKS THE BANYAAN PRIVATE LIMITED (hereinafter referred to as Petitioner or Corporate Applicant ) has filed the present Application under Section 10 of the Insolvency and Bankruptcy Code, 2016 ( I B Code, 2016 ) read with Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. This Tribunal vide its order dated 11.02.2020 had dismissed the present Application for the reasons stated therein. Aggrieved against the said dismissal order passed by this Tribunal, the Applicant preferred an Appeal before the Hon'ble NCLAT in Company Appeal (AT) (Ins) No. 472 of 2020 and the Appellate Tribunal vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has also filed his written consent in Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 which is placed at page 16 to 17 of the typed set filed along with the Application. The proposed IRP who is appointed shall take forward the process of Corporate Insolvency Resolution of the Corporate Debtor. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 5. However during the pendency of moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder; (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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