9911796707
TMI Blog2019 (10) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... NICAL) ORDER Counsel for the Applicant as well as Counsel for the Respondent are present. It is seen that by virtue of the order dated 05.09.2019, the Respondent was granted period of two weeks for filing the reply, if any, to the Application filed by the Resolution Professional of the Corporate Debtor. Further, a period of one week has also been granted to file the reply. However, during the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the IBC, 2016 no encumbrance or charge can be created over the property by any authority including the Respondent except in accordance with provisions of IBC, 2018 even for the dues which are payable by the Corporate Debtor. Section 14 of the IBC, 2016 is reproduced as below for reference:- 14 (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. (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. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of Section 14 of IBC, 2016 read with Section 238 of IBC, 2016, in view of the CIRP pending in relation to the Corporate Debtor, the assets of the Corporate Debtor could not have been dealt with by the Respondent of the assets of the Corporate Debtor. In the circumstances, the encumbrance which had been created by way of attachment registered by the Respondent stands cancelled. The co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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