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TMI Blog2022 (6) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company Shri Vishnu Eatables (India) Ltd. & Ors., referred to as the corporate debtor. 2. It is appropriate to mention that financial creditor, is a body corporate constituted under Banking Companies (Acquisition Transfer of Undertakings) Act, 1970 having its registered office at Plot No. 4, Sector-10, Dwarka, New Delhi-110075 and Branch office at Zonal Sastra Centre, Gate No. 1, 1st Floor, Sector 17-B, Chandigarh-160017. 3. The Corporate Debtor is a company registered under the Companies Act, 1956 on 29th March 1996 with the registered office situated at 812, D Mall, 8th Floor, Netaji Subash Place, Pitampura, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017. Thereafter in September 2017, the corporate Debtor approached the financial creditor for renew/review/sanction of existing working capital. The financial creditor acceded the request of the corporate debtor and revised the working capital vide sanction letter dated 26.09.2017. 7. The corporate debtor failed to make timely payment and was irregular in serving its debt therefore the financial creditor declared the account of Corporate Debtor as NPA on 29.09.2017. The Financial Creditor served a Recall notice under section 13(2) and possession notice under Section 13(4) of SARFESI Act, 2002 on 09.11.2017 and 16.02.2018 respectively. The said letters were duly served upon the corporate debtor. However, the corporate debtor failed to mak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have also been made by IRP abovementioned as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7(3)(b) of the Code has been satisfied. 11. That on perusal of the documents it is observed that the corporate debtor was served notice to appear before this bench and present its defence on 16.05.2021. Further, as per the service affidavit dated 13.08.2021, the corporate debtor was also served via email on 26.07.2021. The financial creditor made substituted service in the newspaper on 17th September 2021. In spite of several efforts t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... da) Vs. C. Shivakumar Reddy and Anr., Civil Appeal No. 1650 Of 2020, decided on 4-8-2021 wherein it was held as follows: "142. to sum up, in our consideration opinion an application under Section 7 of the IBC would not be barred by limitation, on the ground that it had been filed beyond a period of three years from the date of declaration of the loan account of corporate Debtor as NPA, if there was an acknowledgment of the debt by the corporate debtor expiry of the period of limitation of three years, in which case the period of limitation would get extended by a further period of three years. 143. Moreover, a judgment and/or decree for money in favour of the Financial Creditor, passed by the DRT, or any other Tribunal or Court, or the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pertinent to mention that the corporate debtor has failed to appear and present its defence; accordingly the present matter has been proceeded ex-parte. 17. On perusal of Form-I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. 18. We are satisfied that the present application is complete in all respect. The financial creditor is entitled to move the application against the corporate debtor in view of admitted outstanding financial debt and default of the same by the corporate debtor and the financial debt has also not been refuted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. b) The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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