9911796707
TMI Blog2021 (11) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016 (IBC) read with Rule 11 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (the Rules) with a prayer for restoration of Rs. 55,29,506 by the Respondent to Corporate Debtor i.e., Noida Medicare Centre Ltd. (CD) which was placed under CIRP, declare the transaction as unauthorized and punish for violation of the moratorium (u/s. 14 IBC) u/s. 68, 70 and 74 of IBC. 2. It is the case of the Applicant that on 27.5.20, this Authority initiated Corporate Insolvency Resolution Process (CIRP) against CD and appointed the Applicant as Interim Resolution Professional. It is submitted that public announcement in two newspapers was made on 1.6.20 and as provided in Section 14(1) there is statutory s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... XMC would be released from the operation of hospital with immediate effect subject to the settlement of the account. It is stated that transactions were done towards the payments of doctor fees, staff salary and vendor payments by XMC during the period from 27.5.20 to 5.10.20 in good faith and with bonafide intention to keep the CD running as a going concern through a related party of XMC i.e., Karanya Heart Care Private Limited as they were critical in nature. It is further submitted that the Respondent resigned from the directorship w.e.f. 9.07.20 and as per the Agreement CD had given powers to XMC to operate the IDBI Bank Account number 0109102000038465 and IOB account number 144502000001612 therefore, XMC had deposited Rs. 29.50 lakh t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recover or enforce any security interest created 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 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. 1 [Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be." 7. In terms of the provisions as stated above, this Authority imposes Moratorium after the commencement of CIRP. The objective is to facilitate orderly completion of the process and ensure that CD continues as a going concern while the creditors take a view on resolution of default. Thus, in the present case in hand, it is the plea of the Respondent that the transactions were d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been to take away money from the accounts of the CD; the intention seems to keep the CD as a going concern by allowing credits as well as debits. While perusing the credits in IDBI account, we observed that Rs. 5 lakhs were credited on 13.08.20 from Karanya', Rs. 4.1 lakhs were credited on 17.07.20, representing amount received from Steel AU, Rs. 2.1 lakhs were credited on 01.06.20, representing receipt from UIIC HEA; there were similar credits of Rs. 1.05 lakhs, Rs. 1.29 lakhs etc., during the period from 25.05.20 to 07.09.20. 10. The bank statements submitted by the Applicant also indicates credits A perusal of bank statements submitted by Applicant (RP) reveals that there had been credit of Rs. 2.13 lakhs on 01.06.20, Rs. 1.3 lakhs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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