9911796707
TMI Blog2021 (9) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. M/s. BRS Enterprises and Trading Limited (hereinafter referred to Respondent/Corporate Debtor) was incorporated on 03/03/2011, having its registered office as mentioned in the cause title. 3. The present petition is filed by the Financial Creditor under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules), 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 4. It is alleged by the Petitioner that the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.1. The Corporate Debtor is a Public Limited Company incorporated under the Companies Act, 1956 and it is in the business of steel. It is stated that both parties entered into a loan agreement on 01/07/2017 agreeing to repay the amount in 8 quarterly instalments within 2 years from the agreement. 6.2. It is stated that the Corporate Debtor has failed to pay the amount claimed to be in default due to financial problems suffered by the Corporate Debtor. Due to the global pandemic of Covid-19 the Corporate Debtor is severely affected and requested the Petitioner to grant some more time to repay the amount. 6.3. It is submitted that the present Petition is filed against the object of maximization of value of assets of the Corporate Debtor a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or lessor where such property is occupied by or in possession of the corporate Debtor; B. Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the 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, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period. C. That ..... X X X X Extracts X X X X X X X X Extracts X X X X
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