9911796707
TMI Blog2018 (10) TMI 1905X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor") under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short, "IB Code 2016") r/w Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, 'IB Rules 2016'). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. The Petitioner/FC is a Limited Company incorporated and registered under the Companies Act, 1956, having its registered office at Brindavan, Plot No. 177, C.S.T Road, Kalina, Santacruz (East), Mumbai, Mumbai City, Maharashtra, India - 400098. Whereas the Respondent Company/CD is a Limited Company incorporated and registered under the Companies Act, 1956, Having its registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation dated 22.08.2008. d. Escrow Agreement dated 22.08.2008. e. Promoters Undertaking dated 22.08.2008. f. Memorandum of Entry dated 12.07.2010 g. Copy of the Amended Facility Agreement dated 01.02.2012 h. Copy of the Master Restructuring Agreement (MRA) dated 30.11.2012. i. Copy of Security Trustee Agreement dated 30.11.2012. j. Copy of undated Amended MRA. 6. For the purpose of proving the existence of Financial Debt, the amount of debt and date of default, the following additional documents are also enclosed: a. Copy of Statutory winding up Notice dated 28.09.2015 b. Copy of settlement Proposal from the Corporate Debtor dated 13.06.2016 c. Copy of reply by the Applicant dated 20.06.20 16 to the proposal of Corporate Debtor d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor states that its present financial condition is precarious and is struggling to meet the day to day commitments. The Corporate Debtor is facing acute cash crunch and is unable to pay wages and salaries regularly to its employees. The Corporate Debtor has also delayed in payment of statutory dues like Service Tax, Provident Fund, ESI etc., all of this is reflected in the Annual Reports of the Corporate Debtor. 11. The Corporate Debtor states that it is not in a position to satisfy the claims of all the Financial Creditors including the present Financial Creditor herein as per the Master Restructuring Agreement dated 30.11.2012. 12. After hearing submissions of the Counsel for the Petitioner/FC and Counsel for Respondent/CD and havi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date of copy of this order is received and call for submissions of claims in the manner as prescribed. 15. I declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purposes referred to in Section 14 of the I&B Code, 2016. I order to prohibit all of the following, namely: a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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