9911796707
TMI Blog2021 (9) TMI 1427X X X X Extracts X X X X X X X X Extracts X X X X ..... only). 2. The facts in brief are that the financial debt of the financial creditors Rs. 2,00,88,434/- including interest that has accrued in favour of the Financial Creditors on account of deposits made by them, which is payable in terms of order dated 06.06.2018 passed by SEBI. The working for computation of amount and days of default has been attached to the amended application marked as Annexure - 4 (page 242-264). 3. On perusal of the record it is found that despite giving several opportunities, no reply has been filed by the corporate debtor. Even during the final hearing none remained present on behalf of the corporate debtor. Therefore, the matter is heard in absence of the corporate debtor. 4. We have considered the submissions m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase may be. 4. That the Bench hereby prohibits the institution of suits or continuation of pending suit 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(s), transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the SARFAESI Act, 2002 the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. 5. Further, litigat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r passing an appropriate order. 9. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. 10. We direct the Financial Creditors / Applicants to pay the IRP a sum of Rs.5,00,000/- (Rupees Five Lakhs only) as advance against fees & expenses till the COC decides about his fees / expenses. 11. The Registry is directed to communicate a copy of this order to the Petitioner-Financial Creditors, Corporate Debtor and to the Interim Resolution Professional and the concerned Registrar of Companies, after completion of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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